Is blockchain money transfer useless? Visa Europe doesn’t believe it

On November 13, according to Coindesk, Visa Europe announced that it is developing a blockchain-based remittance service.

It is reported that the transaction organization’s innovation plan was created through Visa Europe Collab. In addition, Epiphyte, a blockchain service company that graduated from the San Mateo incubator Boost VC in the United States, also participated in the development of this project.

While details about the proof-of-concept project are limited, the company said it is creating a “controlled testing environment” that attempts to simulate a real-world remittance transaction.

A press release from Visa Europe Collab noted that the company initiated the project because they believe that blockchain technology could be valuable in the payment services industry and could solve pain points in the traditional payment industry when it matures.

Jon Downing, innovation partner at Visa Europe Collab, said in a statement:

“There is a real opportunity to work out a more complete remittance service for both senders and payment receivers, including fees, transaction speed and ease of use.”

Interestingly, not long ago, several executives in the traditional remittance industry expressed their opinions that they are not optimistic about the application of blockchain remittances, such as MoneyGram and Western Union. In their view, digital currency and blockchain systems cannot solve the problems of the remittance industry.

Let's briefly introduce Visa Europe, which was recently acquired by Visa for a whopping $23.4 billion (cash + stock). Previously, Visa Europe had been operating as an independent public company.

It is reported that this is not the first blockchain project that Visa has deployed. At the Money20/20 conference held in Las Vegas not long ago, Visa also announced a blockchain-based car rental concept project. In September this year, blockchain company Chain completed a $30 million Series A financing, with Visa participating as the lead investor.

According to Visa Europe, the blockchain remittance proof-of-concept project is expected to be completed within two months.

Original article: http://www.coindesk.com/visa-europe-announces-blockchain-remittance-proof-of-concept/
By Pete Rizzo
Compiled by: Satuoxi
Editor: Satuoxi
Source (translation): Babbitt Information