It’s a payment network built on top of Bitcoin. It relies on Bitcoin to enter and leave the network, or settlement, but other than that is a separate protocol with very different rules to the Bitcoin protocol.
The pandemic accelerated the speed of digital transformation in the payment world, with huge increases in online payment volumes, but also in ancillary applications – notably BNPL (Buy Now Pay Later), while Banking as a Service is emerging as the next big thing.
Developments in the EU (and UK) over the past few years have sown the seeds of a powerful and user-friendly alternative to cards, for making payments online.
We thought it would be interesting to look back at the evolution of cards and payment technologies to understand how we got here, and have a peak into the future.