Advent of Blockchain has opened up a plethora of value adding options that is transforming the FinTech from ground up. One of such service category is remittance industry. Bitcoin micropayment startup SatoshiPay is developing a new proof-of-concept with Visa Europe’s innovation unit.
Work on the project was first disclosed earlier this year, when Visa Europe Collab said that it was exploring bitcoin micropayments for connected devices. At the time, the company indicated it was looking at use cases like smart light bulbs that could pay for their own electricity. The concept, according to SatoshiPay founder Meinhard Benn, involves the integration of the startup’s technology with Visa’s card payments structure, allowing for automated micropayments from a person’s Visa account to a SatoshiPay wallet.
This project is aimed at remittance industry where making micropayment is currently infeasible and this is just one use case of of how Blockchain can add value to the FinTech creatively. Blockchain has huge potential that is yet to be tapped with novel ideas that could completely alter the way we do the transactions. Notable from the smart light bulb use case is how blockchain is used innovatively to address mundane transactions by automating it completely.
References:
1. http://www.coindesk.com/visa-europe-bitcoin-micropayments/
2. https://www.wired.com/insights/2015/01/block-chain-2-0/