INNOPAY Co-Founder Douwe Lycklama shares his insights on how crypto assets and their infrastructure are set to transform the payments industry.
In a recent interview, Douwe explained why payment professionals should pay attention to the development of crypto and why ignoring it may result in missed opportunities.
According to Douwe, the change brought about by crypto will primarily happen behind the scenes, much like the transformation of the telecom industry from analog to digital through VOIP in the early 2000s. Although the user interface and financial products won't change much for end-users, the underlying payments infrastructure will undergo significant transformation.
However, Douwe acknowledges that regulatory uncertainty is holding back the wider adoption of crypto payments, particularly among institutions. Despite this, he remains optimistic and predicts that 2023 will bring greater clarity and increased adoption of stablecoins, which offer lower counterparty risk and a shorter infrastructure.
To educate professionals about these topics and gauge interest in crypto payments, Douwe contributed to the Crypto Payments and Web 3.0 for Banks, Merchants, and PSPs Report and also, together with Innopay, conducted an industry survey. The findings, presented in the INNOPAY/The Paypers Payment Industry Crypto Monitor, reveal that 88% of respondents believe crypto will impact the current payment infrastructure, with many already testing the waters. However, unclear regulations and AML/KYC challenges are preventing many respondents from offering crypto products or services.
We invite you to watch the video and download the report to learn more about the use of crypto as a payment method and to share your feedback with us at editor@thepaypers.com.
About Douwe Lycklama
Douwe Lycklama co-founded INNOPAY in 2002 and is one of the thought leaders of digital transactions, like paying, billing, identity, data sharing, and the applicable regulation. His drive is to bring innovation in these areas to financial institutions, startups, businesses, and governments and help them innovate to make opportunities in digitisation a reality.
About INNOPAY
INNOPAY is an international consultancy firm specialised in digital transactions. We help companies anywhere in the world to harness the full potential of the digital transactions era. We do this by delivering strategy, product development, and implementation support in the domain of digital identity, data sharing, and payments. Our services capture the entire strategic and operational spectrum of our client’s business, the technology they deploy, and the way they respond to local and international regulations.
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