The payment market is one of the most developed markets globally. However, the block-based solutions of Stellar and Ethereum could be a turning point for this space, even if the rates for the points of sale become a constant obsession with contention.
Citi Ventures' Blockchain consultant, Omir Malekan, explained that with the blockers based on Stellar and Ethereum, the market can be revolutionized. He stressed that with the transparency promised by these blockchains, transaction integrity will be improved.
He also emphasized the integration of stablecoin on these platforms and their adoption is intended to remove the restrictions and issues afflicting the global payments market. Highlighting the merits of the stablecoin, Malekan explained that the transactions will not only be transparent but faster.
Omir Malekan wrote:
"For users, the experience is not that different from today, where most payments consist of a series of accounting items between third parties who hold their money, but thanks to speed, efficiency. and to the transparency of Blockchain like Ethereum and Stellar, the dollars involved can be moved faster and cheaper than ever before.There is the potential for these products to take over global payments, especially once the dealers in the United States ".
True to form, credit card companies like Visa and Mastercard have had to struggle through a series of legal actions by retailers for violations of federal antitrust laws in recent years.
Credit card issuers like J.P Morgan and Bank of America were also not left out of the war, as traders blocked them with collective lawsuits that led to about $ 6.2 billion of liquidations.
Blockchain projects based on Stellar and Ethereum to bring Semblance of Calm
"Fiat stablecoin will give the best to the retail sector. For customers, the experience will not be different from using any other mobile wallet to be paid at the checkpoint. But for retailers, the blockchain used will generate huge savings. "
According to Malekan, the adoption of blockchain-based products in this space is bound to give a sense of calm to all warring parties, as these products offer a more complete option for traders.
The stellar blockchain, for example, offers cross-border payments thanks to its integrated Stellar Core payment protocol and provides a platform on which stablecoins are launched. Malekan explained that the due interaction of traders with these products will not only drive the space revolution, but also familiarize millions with innovative technologies.