In recent years, companies such as Visa, Mastercard, and PayPal have shown an active interest in implementing blockchain technologies and creating new payment platforms. This process is accompanied by significant competition and is transforming traditional financial operations.
Why Are Payment Giants ‘Going Onchain’ Now?
Visa and Mastercard dominate the payment services market and are facing challenges posed by Web3, which questions their operational models. The main reasons for their interest in blockchain include:
* Stablecoins enable near-instant settlements. * Blockchains bypass multi-layered intermediaries. * Consumers and merchants can conduct transactions without traditional banks.
Therefore, payment systems must either adapt to the new conditions or risk being sidelined from the market.
How Are Visa, Mastercard, and Stripe Building Onchain Infrastructure?
Each of the key players has its own strategy for building blockchain infrastructure:
1. **Visa**: The company has secured support for stablecoins such as USDG and PYUSD while expanding its network to platforms like Stellar and Avalanche, indicating its ambition to become a new gateway for blockchain settlements.
2. **Mastercard**: Focused on creating a blockchain identity system and a platform for cross-chain interoperability, allowing for new address validation approaches and reducing fraud risks.
3. **Stripe**: Provides an API for working with USDC, simplifying the payment process and making it more accessible for small Web3 businesses.
Key Challenges and Conclusions from the New Payment Ecosystem
Despite the opportunities, payment giants face several challenges:
* Regulatory risks associated with changing legislation may limit their ambitions. * Security and complexity arising from supporting multiple chains increase risks. * Potential conflicts with existing DeFi ecosystems that may view traditional finance as a threat.
From this situation, it is clear that payment companies are striving to position themselves in the blockchain ecosystems while maintaining their brands and customer trust.
In the current context, significant competition is observed among major payment systems, which are eager to adapt to the new conditions. Visa, Mastercard, and Stripe all aim to occupy central positions in the future payment infrastructure based on blockchain.
