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Moving toward a cashless society with crypto payments

7 MINS READ

Bruce Norton

Director, Payments Practice

Abhilash Kaduthanum (Abhi)

Head, Payments Practice

Highlights

  • Cryptocurrency is fast becoming popular and many financial institutions such as remittances players and credit card networks are turning to the technology.
  • Though traditional payments providers are reluctant to adopt crypto-based payments, they stand to benefit from the technology, as it not only has faster settlement cycles but also offers access to new customer segments.
  • The concerns over the volatility of cryptocurrency are valid; however, banks and financial institutions must consider multi-rail, multi-instrument, and unified payment solutions when modernizing their payment infrastructure.