The future of crypto payments

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As cryptocurrency adoption in the payments industry continues to grow, many consumers, merchants, banks, payment service providers, and regulators are wondering whether to embrace these new technologies.

In an exclusive interview with The Paypers, Thibault de Barsy, Vice President and General Manager of The Payments Association EU, shares his views on the relevance and adoption of cryptocurrency in the payments industry.

De Barsy, who was interviewed by The Paypers in December 2022, discussed the launch of our new report, Crypto Payments and Web 3.0 For Banks, Merchants, and PSPs, which aims to be an essential guide to understanding and accepting crypto payments . He shared his own experience with cryptocurrency, including when he first heard about it and what he bought with his first Bitcoin. He also highlighted some of the key topics covered in the report and why it is relevant to the payments industry.

According to de Barsy, the report is relevant to the payments industry as it provides a comprehensive overview of the various areas where crypto can drive the industry forward. “All links in the value chain are affected,” he said. ‘From the Association’s point of view, we were fortunate to anticipate this development: gocrypto which very early on helped merchants accept cryptos, Mastercard and Visa with their various initiatives, JPMorgan with the JPM coin, Banking Circle with its efforts to integrate Web3.0 and crypto on their cross-border rail.

For those interested in the future of the crypto industry, de Barsy had some intriguing predictions. “I think we’re going to see a huge development of crypto as a payment method… We’re seeing more and more examples of companies starting to accept crypto as a payment method, and with the huge advances in the technology behind it; I only see it growing. So far, crypto payments are mostly accepted by luxury sector merchants, hotels and restaurants. A well-known example here is Tesla, which is made possible through enablers like BitPay and Coinbase – to name a few of the major ones.

To learn more about these topics, readers can watch the video of the interview and download the report, which also includes a complex mapping of relevant players in the field and an industry survey that aims to measure the appetite and the adoption rate of crypto payments for banks. , merchants and PSP.

About Thibault de Barsy

Thibault de Barsy has been the Managing Director of The Payments Association EU since its creation in 2020. Thibault was previously CEO of Keytrade Bank Luxembourg and has more than 25 years of experience in the financial and ICT sector. Thibault is guest lecturer at the Solvay Brussels of Economics and Management. He is a recurring guest speaker on the Belgian news TV channel ‘LN24’ and on numerous financial industry forums. Before moving to Luxembourg, he held various marketing and sales positions in banks, insurance, telecommunications and credit card companies. Thibault holds a Master of Science in Management from the Solvay Brussels School of Economics and Management and a CEFA certificate from the Belgian Association of Financial Analysts.

About the EU PA

The Payments Association EU is a business club made up of decision makers in the payments industry. Their members are the companies forming all the components of the payment value chain in the 27 countries of the European Union. The purpose of the Association is to facilitate the business of its members. PA EU seeks to achieve its objectives by organizing events, running projects advocating for its members, publishing research papers and providing training.

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