How SWIFT, Goldman Sachs, Apple Pay, and Shopify are boosting their payments with Web3 and Blockchain
Written by Osnat Ben-Nesher Zaretsky , Co-fouder and CEO, alsomine
29 Sep 2023
One month on from my initial analysis, I’m pleased to share fresh insights, this time focusing on SWIFT, Goldman Sachs, Apple Pay, and Shopify. As the CEO of alsomine, a blockchain-based gift cards platform, I closely monitor innovations from global payment leaders.
A key takeaway is their strategic integration of Web3 and blockchain technologies. This not only streamlines payments but also boosts user engagement and opens new revenue streams. This shift heralds a promising future for a decentralized, transparent financial ecosystem.
SWIFT
SWIFT, the international payments network, is earnestly probing blockchain technology to refine cross-border payment mechanisms.
International Payments: SWIFT is actively researching blockchain to expedite and economize cross-border transactions. Source
SWIFT GPI: This novel feature aspires to inject much-needed transparency and traceability into global payments in the blockchain age. Source
Partnerships with Banks: SWIFT has allied with multiple global banks to rigorously evaluate blockchain’s utility in financial transactions. Source
Compliance via Blockchain: SWIFT is also investigating blockchain for bolstering regulatory compliance and anti-fraud measures. Source
Goldman Sachs
Goldman Sachs, the global investment banking behemoth, is making noteworthy advancements in blockchain and digital currencies.
Blockchain Collaborations: Goldman Sachs joined Canton Network designed for institutional clients, together with BNP Paribas, Deloitte, S&P Global, Microsoft. Source
Investments in Blockchain: The firm has earmarked an impressive $50 million for investing in pioneering blockchain startups. Source
Repo Operations: Utilizing blockchain for repo transactions, which are essentially short-term loans for dealers in government securities. Source
Apple Pay
Apple Pay, Apple’s digital payment service, is cautiously venturing into blockchain and digital currencies.
Integration of Crypto Wallets: Apple Pay now facilitates easy integration of cryptocurrency wallets, simplifying the spending of digital currencies. Source
Filing Blockchain Patents: Apple has submitted an array of patents related to blockchain, hinting at a deeper future involvement. Source
Web3 Integration with STEPN: Apple Pay has integrated with the Web3 move-to-earn game STEPN, aiming to onboard the next 100 million users to Web3. Source
Shopify
Shopify, a leading e-commerce solution, is leveraging blockchain to augment its services and user interactions.
Direct NFT Sales: Shopify now permits vendors to offer NFTs directly, creating a new income stream. Source
Crypto Payment Integration: Integrated various crypto payment methods, expanding payment choices for customers. Source
Supply Chain Management: Actively investigating blockchain for more transparent and efficient supply chain management. Source
Solana Partnership: Recently teamed up with Solana for quicker and more cost-effective user transactions. Source
Conclusion
It’s evident that there’s a competitive race unfolding among these industry giants. It’s intriguing to think about who will successfully leverage blockchain technologies to gain a real edge with their customer base.