European Payments Council survey results show that 90% of members believe that blockchain technology will cause major changes in the payment industry

A recent member survey by the European Payments Council (EPC) showed that 90% of members believe blockchain will transform the payments industry by 2025.

The EPC represents Europe’s Payment Service Providers (PSPs) and is responsible for promoting the integration and development of European payments, most notably the Single Euro Payments Area (SEPA).

The EPC said they were curious to know what professionals in the payment industry think about blockchain technology, and the ongoing debate about its potential impact is hard to miss. Therefore, one question was posed to all interested stakeholders: "How will blockchain technology affect the European payment ecosystem by 2025?"

Members split on blockchain’s influence

While most members agree that blockchain technology will have an impact and is not just a gimmick, they are split on the extent to which it will affect payments. More than a third (36%) of members said they expect blockchain to have an impact in niche areas of activity, particularly where it is being used for special purposes.

30% of respondents predict that blockchain will be used to create new consumer payment solutions, while a further 24% believe that blockchain will have a more comprehensive transformational impact. They believe it could lead to a complete transformation of payment infrastructure, potentially creating 'a paradigm shift' for the industry.

Respondents need to learn more about Bitcoin

Simon Dixon, CEO of BnkToTheFuture.com, agrees with the majority, but believes that these professional respondents need to learn more about blockchain.

Dixon said:

“I wonder if the results change in the future, and they realize that Bitcoin is the only secure blockchain with a certain scale of use, and all responsible blockchain projects in the future will most likely require this only secure blockchain (or technology built on top of it). In my experience, enterprise professionals do not realize that the definition of blockchain is the same as Satoshi’s definition, and they are confusing their interests with blockchain databases. Their understanding may change the results, but if not, I agree with the 90% that the Bitcoin blockchain is already changing the payment industry and will have a greater impact in the future.”

In addition, only 10% of respondents believe that blockchain technology will not have a significant impact on the payment industry.