The series of reports deliberating Bitcoin’s impact on mainstream banking and financial zone is overwhelming. Adding to a list is nonetheless another news focused on Brazil, published by Banco Santander.
The news patrician “Brazil: Banks and Financial Services – To Bitcoin or Not to Bitcoin?” is a outcome of final month’s assembly with Banco Santander, Mercado Bitcoin — a heading Latin American Bitcoin sell and internal investors. The assembly revolved around a intensity long-term impact of Bitcoin on businesses contingent on a required financial system.
The Santander report lists Bitcoin and blockchain technology’s impact on 5 vital segments. These segments embody Acquirers and issuer banks, Card brands, Card suppliers, Cryptocurrency exchanges and Brazilian banks. It states that a banking and payments attention as a whole will have a churned impact, depending on a concentration verticals of a businesses.
Findings of Santander’s Report
Payment acquirers and issuers are approaching to be a misfortune influenced by Bitcoin adoption as their business models are only formed on Merchant Discount Rates (MDR) and POS revenues. Increased acceptance of Bitcoin will effectively make these companies surplus as exchange will be executed over a decentralized bill instead of being channeled by their network.