We continue to work with emerging players to develop or co-develop the new generation of payments - the largest challenge is to create solutions that are "easier than cash" or less complicated to any payment form that exist today and at the same time protecting the ecosystem making the transactions safe and secure for all the parties involved.
In line with payments security, there has been a lot of talk in the finance industry and even at the recent Sibos event about the potential of blockchain for security and real-time payments. Will blockchain be the future of payments security? And is Visa doing anything related to blockchain?
Visa had recently made an investment in Chain, Inc., a provider of blockchain technology solutions to financial institutions and other clients. Visa is part of a US$30 million equity funding round that includes Nasdaq, Citi Ventures, Capital One, Fiserv and Orange. In addition, Visa, along with the rest of the investors and Chain, is forming a Blockchain Working Group to explore the application of the technology in various markets. Technology relationships and investments, such as Chain, allow Visa to evaluate new and innovative commerce experiences which will support clients' needs. Chain has built a platform that can make rapid prototyping and building proofs of concept easier, and the company is focused on finding practical enterprise applications of the blockchain technology - a goal that we share in our evaluation of the technology. Visa's investment in Chain underscores our long-standing commitment to explore technology, like the blockchain, that could have the potential to advance secure and convenient digital payments for our clients and their customers.
Sign up for CIO Asia eNewsletters.