Future of Payments - TOKEN2049 Dubai 2024
Explore the transformative insights shared at TOKEN2049 Dubai 2024, as we delve into the "Future of Payments." This presentation addresses the critical issues facing today’s payment infrastructure and envisions a promising evolution through blockchain technology.
The talk opens with a historical overview of card payments, highlighting significant advancements at the front end—such as mobile payments and contactless options—while contrasting it with the stagnant, archaic back-end systems still reliant on COBOL from the 1950s. The presentation identifies the inefficiencies inherent in the current payment systems due to numerous intermediaries and outdated protocols, driving up costs and complicating transactions.
Pivoting towards a solution, blockchain technology emerges as a potential revolutionary force. The speaker discusses the recent improvements in user experience, scalability, and regulatory support that position blockchain to effectively bridge the gap with traditional finance. Drawing a parallel with the telecommunications revolution, the introduction of products like Skype Showcases how new technology can integrate with legacy systems, paving the way for a seamless transition.
The talk also features a case study of Nosis Pay, a pioneering on-chain checking account with a debit card, illustrating the practical applications of merging blockchain with traditional finance. With innovations like self-custody, instant on-ramp, off-ramp solutions, and global transaction capabilities, Nosis Pay signifies a major leap towards a more democratized and efficient financial ecosystem.
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