In March, we hosted a webinar on demystifying Web 3 payments, marking the start of The Paypers’ deep dive into the topic for 2025. Through video interviews, reports, articles, and webinars, we aim to help businesses and consumers navigate how digital assets are reshaping finance.
Our first webinar, ‘Web 3 Payments: Unlocking Faster, Cheaper, Borderless Transactions’, brought together top crypto payments experts to explore the transformative impact of Web 3 on the financial landscape.
Massimiliano Silenzi, CEO & Co-founder of Cryptorefills, emphasised the role of stablecoins and alternative blockchain networks beyond Ethereum and Layer 2s. He highlighted how these technologies enable near-instant transactions, reshaping the payments ecosystem.
Eric Barbier, CEO of Triple-A, discussed how stablecoin rails are revolutionising cross-border payments. Coming from a traditional payments background, he sees stablecoins as a game-changer for emerging markets, driving financial inclusion on a global scale.
Douwe Lycklama, Vice President of Innopay, drew a compelling parallel between digital asset transactions and the Voice over IP (VoIP) revolution in telecommunications. He pointed out that as Web 3 technologies evolve, they will enable faster, more efficient, and cost-effective financial services—just as VoIP transformed communication.
Nikola Škorić, CEO of Electrocoin, shared insights from Croatia, where even post offices now facilitate crypto transactions. He highlighted a key shift: younger generations are increasingly favouring crypto investments over traditional securities. With regulations like the Markets in Crypto-Assets Regulation (MiCA) coming into effect, traditional banks are starting to acknowledge the necessity of integrating crypto services.
The following article will explore the main topics discussed by the panellists.
DeFi is an evolving ecosystem that began with the creation of Bitcoin and has since expanded into various cryptocurrencies. Initially, it focused on payments and different stores of value, but over time, the narrative has evolved.
To understand Web 3 and DeFi, it's important to look at the evolution of the internet:
Web 1 was about static webpages where users could only consume information;
Web 2 introduced user-generated content, enabling platforms like Facebook and Instagram to thrive;
Web 3 shifts ownership back to users, ensuring that creators control their content rather than centralised platforms.
DeFi (Decentralised Finance) is a key component of Web 3. It not only replicates traditional financial services—such as loans and securities—but also enables new financial models that wouldn’t be possible without blockchain’s decentralised nature. For example, blockchain-based insurance is disrupting traditional industries.
To gauge our audience’s engagement with crypto products, we conducted a poll. The results revealed that 29% are researching and testing the waters, 19% are already offering crypto services, 7% are preparing to enter the market, and 28% are not engaging at all. Our panellists noted that the interest in crypto is growing — echoing a 2024 survey conducted in Zagreb by Nikola in collaboration with Mastercard, which also observed an increasing curiosity in testing and deploying crypto solutions.
The session also went into breaking down the technologies underpinning DeFi and Web 3. From blockchain’s immutable ledgers to tokenisation, lending protocols, and decentralised exchanges, swaps, bridges these technologies form the foundation of next-generation financial services. Massi described Layer 1 (Solana, Avalanche, etc.) and Layer 2 networks, identifying them as crucial components that resolve scalability and transaction speed issues while reducing costs. These layers represent an evolution in blockchain technology, allowing for more complex, yet efficient, financial applications.
Eric emphasised that access issues in traditional finance are a primary motivator for the development and adoption of Web 3 technologies. Stablecoins, for instance, offer a way for individuals globally to hold US dollars without the need for a traditional bank account. This capability is transformative, particularly in regions where banking infrastructure is limited. By democratising financial access, Web 3 has the potential to lift entire communities out of economic isolation.
While Web 3 and DeFi offer outstanding opportunities for ownership and decentralisation, the complexities of managing one's digital assets remain a barrier for wider adoption. Although self-custody solutions for digital assets are daunting for many, institutions like banks can play a pivotal role by offering regulated custodian services. Eric noted that multinational corporations might still be slow to adopt cryptos on their balance sheets, but once they do, it will likely be through established, regulated entities.
Currently, stablecoins are at the forefront of Web 3 payment use cases, offering immediate, low-cost transactions that challenge traditional payment systems burdened by delays and high fees.
When discussing Web 3 use cases, the topic of CBDCs sparked debate. While Web 3 emphasises decentralisation and ownership, CBDCs remain centralised, controlled by commercial or central banks. The European Central Bank (ECB) aims to introduce a digital euro to reduce reliance on US - dominated payment networks like Visa and Mastercard and to modernise Europe’s slow and outdated banking infrastructure. However, the top-down approach of CBDC development—led by regulatory bodies rather than the payment industry—contrasts with stablecoins, which emerged organically from startups solving real-world payment inefficiencies.
Crypto payments are becoming more accessible for merchants, offering various benefits:
Reaching high-spending users in crypto hubs like San Francisco, Singapore, and Berlin.
Empowering freelancers in emerging markets who lack traditional banking access but earn and spend in stablecoins.
Facilitating B2B transactions through Layer 2 networks, reducing costs and delays.
Expanding reach in underbanked regions such as South Asia, Africa, and Latin America.
Overcoming restrictions in high-risk jurisdictions, where traditional payment methods like Visa and Mastercard face limitations.
Providing stability in fragile economies experiencing hyperinflation.
However, businesses looking to accept crypto payments still face key hurdles:
Transaction complexity: blockchain payments require careful handling, often making processors—not merchants—responsible for managing them.
User experience challenges: crypto wallets require users to manually enter payment details, which can lead to errors. Simplifying this process is essential for mainstream adoption.
Scalability issues: with 80% of stablecoin transactions occurring on Ethereum and the rest spread across various networks, merchants rely on specialised crypto processors to manage scale and compliance.
Choosing the right processor: businesses need providers with the proper licenses, stablecoin variety, and network integration.
Security and compliance risks: ensuring transactions are legitimate and not linked to illicit activities is a challenge, though regulations like MiCA in Europe and US state laws aim to address these concerns.
When asked about their reasons for offering crypto products, the audience highlighted four key benefits: cross-border payments and remittances (30%), expanding reach to a wider audience and new geographies (19%), brand positioning (13%), and reducing payment processing costs (11%). These insights align with the broader industry trends discussed by our panellists, emphasising crypto’s role in enhancing global financial accessibility, streamlining transactions, and providing businesses with a competitive edge.
In conclusion, the webinar shed light on the enormous potential of Web 3 payments to transform the existing financial ecosystem. From enabling individuals to participate in global commerce with fewer barriers to offering new opportunities for ownership and control over financial assets, Web 3 represents a new era in finance. As the sector advances, guided by regulatory frameworks and driven by consumer demand, the integration of traditional finance with Web 3 innovations will likely become seamless.
About Mirela Ciobanu
Mirela Ciobanu is Lead Editor at The Paypers, specialising in the Banking and Fintech domain. With a keen eye for industry trends, she is constantly on the lookout for the latest developments in digital assets, regtech, payment innovation, and fraud prevention. Mirela is particularly passionate about crypto, blockchain, DeFi, and fincrime investigations, and is a strong advocate for online data privacy and protection. As a skilled writer, Mirela strives to deliver accurate and informative insights to her readers, always in pursuit of the most compelling version of the truth. Connect with Mirela on LinkedIn or reach out via email at mirelac@thepaypers.com.
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