Martin Hagelstrom is a bitcoin enthusiast, project executive and consultant working on IT projects at IBM.
In this opinion piece, Hagelstrom looks at how bitcoin can grow to mass adoption in a market full of digital payments systems run by tech and finance giants. While the choices are varied, one thing the industry needs is focus, he says.
There is a very public war being waged between Apple, Google, Samsung, Amazon and several banks, with the weapons of choice being their respective mobile wallets.
And for a good reason – whoever controls the payment user experience will own the customer.
The person who uses Apple Pay doesn’t really care if they are actually using a credit card from Bank A or Bank B. In fact, they could switch banks with no friction, as their payment experience would not change.
So, the underlying financial technology has become a commodity and the wallet provider not only keeps a piece of that transaction, but they can also start offering functionalities that were previously exclusive to the banks.
Which way forward?
Bitcoin has two options here: to become yet another underlying payment routing system for these wallets to use, or to compete with them and seek to