The emergence of blockchain technology has undoubtedly altered the course of global digital payment development. With the likes of Ripple and Facebook’s Libra challenging the monopoly of banks and other financial institutions, mainstream players like SWIFT, Visa (NYSE:V) and Mastercard (NYSE:MA) have been forced to seek significant improvements to the legacy system.
Moving forward, the burning issue appears to be relevance. Blockchain systems run on the premise of replacing the legacy system with a more secure and efficient payment infrastructure. The mainstream players seem forced to face the quintessential evolutionary puzzle of “adapt or die out.”