25 Jun '14, 4pm

Payments Industry Association: Bitcoin Has a Right to Exist

Payments Industry Association: Bitcoin Has a Right to Exist

The CEO of the Electronic Transactions Association (ETA), which can boast giants such as MasterCard, Paypal and Amazon among its members, believes that, while the technology has yet to fully mature, bitcoin could one day offer advantages for the payments industry. Jason Oxman told the Wall Street Journal that the industry is undergoing profound change, with the arrival of new mobile payment systems and services that are backed by numerous technological advances in the field. Oxman indicated that he is enthusiastic about the rise of mobile transactions, biometric authentication and other cutting edge payment technologies, including bitcoin, saying: “We are in, without question, the single most important period of innovation since the invention of the magnetic strip. It is truly a revolutionary time for payments.” The 50-year-old magnetic strip, which stores data on credit a...

Full article: http://www.coindesk.com/payments-industry-association-bit...

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