• 15 June, 2024
News

Blockchain Revolution: Worldpay Adopts Solana for Payments

Worldpay Global, the world’s leading payment processor, has strategically moved by integrating Solana as a blockchain payment rail in their four-tier fee model. As highlighted by MartyParty, a renowned blockchain figure, this integration marks a significant shift in the financial landscape, as Worldpay processed an astounding $20 trillion in Visa and Mastercard payments globally in 2023.

The four participants in this model are the issuing bank, such as Chase, the card network (Visa or Mastercard), the payment processor (WorldPay), and the merchant (e.g., AB&B). The integration of Solana streamlines the money movement through these entities, enhancing efficiency and security.

Moreover, the settlement between Visa, Mastercard, and Worldpay Global, as well as between merchants and Worldpay Global, will be implemented using USDC over Solana. This implies that the entire transaction process, from start to finish, will involve using stablecoins. Implementing USDC settlements is a bold step toward embracing digital currency in mainstream financial operations.

Additionally, Worldpay’s decision to use the Hedera network for end-to-end USDC settlement via Visa and Mastercard is noteworthy. According to brady {ℏ} b.hbar, a prominent blockchain figure, the Hashport Network’s Axiom oracle will provide proof of reserve in this arrangement, ensuring transaction transparency and reliability.

The integration signifies a crucial technological advancement and marks a pivotal moment in accepting blockchain and cryptocurrency within the traditional financial sector. This move showcases a substantial leap forward in the evolution of digital payments, where the lines between traditional and digital finance blur, leading to improved speed, security, and efficiency in financial transactions.

As a result of Worldpay Global’s initiative, there’s a potential trendsetter effect, encouraging other financial institutions to delve into blockchain technology. This could foster wider acceptance and integration of cryptocurrencies in daily transactions, effectively narrowing the divide between traditional and digital currencies.

Hence, this integration by Worldpay Global represents a significant milestone in the financial industry. It has the potential to set a precedent for future developments in digital payments and blockchain technology.

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