Blockchain payments system to hit the main street
The successful implementation of a blockchain smartcard retail payment system significantly reduced the high costs of processing retail transactions.
In addition, it opens the door to competition in merchant servicing to challenger banks, which are all but excluded from this activity by the incumbent clearing banks.
The service - which is provided by SETL Payments Ltd and subject to regulatory approval, could launch as early as 2018.
The use of point-to-point encryption significantly reduces the possibility of the kind of wholesale data leakage that has impacted the legacy consumer payment infrastructure over the last few decades.