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The Future of Payments Part2: SWIFT, Goldman Sachs, Apple Pay and Shopify

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.

  1. International Payments: SWIFT is actively researching blockchain to expedite and economize cross-border transactions. Source

  2. SWIFT GPI: This novel feature aspires to inject much-needed transparency and traceability into global payments in the blockchain age. Source

  3. Partnerships with Banks: SWIFT has allied with multiple global banks to rigorously evaluate blockchain’s utility in financial transactions. Source

  4. 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.

  1. Blockchain Collaborations: Goldman Sachs joined Canton Network designed for institutional clients, together with BNP Paribas, Deloitte, S&P Global, Microsoft. Source

  2. Investments in Blockchain: The firm has earmarked an impressive $50 million for investing in pioneering blockchain startups. Source

  3. 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.

  1. Integration of Crypto Wallets: Apple Pay now facilitates easy integration of cryptocurrency wallets, simplifying the spending of digital currencies. Source

  2. Filing Blockchain Patents: Apple has submitted an array of patents related to blockchain, hinting at a deeper future involvement. Source

  3. 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.

  1. Direct NFT Sales: Shopify now permits vendors to offer NFTs directly, creating a new income stream. Source

  2. Crypto Payment Integration: Integrated various crypto payment methods, expanding payment choices for customers. Source

  3. Supply Chain Management: Actively investigating blockchain for more transparent and efficient supply chain management. Source

  4. 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.




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