VISA meets Bitcoin – A presentation of VISA Europe Collab and SatoshiPay
The innovation laboratory VISA Europe Collab has teamed up with SatoshiPay to make micropayments usable beyond Bitcoin users.
To put it in a nutshell: Berlin booms Bitcoin- and Blockchainwise. So much, both in terms of small startups and huge companies, is currently boiling at Bitcoin and Blockchain – and a lot of it is happening in Berlin!
One of the things that we presented on BTC-Echo is Satoshipay. This startup, which is on the road both in London and in Berlin, is now working together with the innovation laboratory VISA Europe Collab. This cooperation and the interest of the bank giant VISA was told at a press presentation in the Digital Hub field, a hub that was opened as part of a cooperation between VISA and Roland Berger.
VISA Europe Collab – a space for cryptosoft ideas
Some of the big cryptosoft companies are currently working on expanding their structures, which are certainly tried and tested but sometimes too rigid, to include the lean spirit of the start-up scene or at least to open a door to it: Is Cryptosoft a Scam? Beware, Read our Review First This leads to innovation laboratories of big companies like the RWE Innovation Hub, the VW Digital Lab or the SAP Innovation center.
The Visa Europe Collab is a corresponding structure that actively seeks partnerships with young, innovative companies. The aim is to provide opportunities for a lean startup culture (fail fast, cheap & early, late ROI calculation) within the giant Visa.
The Visa Europe Collab was presented by Michael Hoffmann. A total of six main topics can be seen: Identity and authentication, new markets and alternative financial solutions (which can also include Bitcoin), Me2B (i.e. the right to control one’s own data), smart cities, emerging retail journeys (i.e. the new development of the customer experience) and the blockchain. The latter is the most intensively studied technology of these six major topics, demonstrating how important VISA is the blockchain.
VISA’s Interest in the Blockchain
What the blockchain could mean for VISA was explained in more detail by Hendrik Kleinsmiede, a sympathetic British man who had made a mistake about the Brexit.
Although VISA is well positioned in terms of transactions between two people and also between man and machine, they notice that they are limited in terms of some particular types of transactions: Macropayments, where millions to billions of euros are involved, smart contracts and microtransactions are the fields that aroused VISA’s interest in the blockchain.
The latter are particularly interesting, since a guiding idea in the context of the Internet of things is inter-machine communication and contract processing (or in English machine to machine communication, or m2m communication for short). If a small lamp wants to buy electricity from the smart grid, it may pay less than one cent per second.
These microtransactions are ultimately the core of the event and the reason for the partnership between VISA Europe Collab and Satoshi Pay, as instantaneous, smallest transactions are exactly what the latter company is all about.
SatoshiPay – microtransactions instead of paywalls
Meinhard Benn, founder of SatoshiPay, presented his company, the latest developments and plans for the future. SatoshiPay has also been the subject of an article on BTC-Echo. For those of you who are financially a bit clammy, I would like to briefly summarize the sense behind SatoshiPay:
The basic motivation is ultimately the question of how content providers can earn money on the net. For some providers, Adblocker has become a real sales problem: every year more people are using Adblocker.
Newspaper websites therefore often think about paywalls – but they bring with them two problems: on the one hand – and here I quote Meinhard literally – “100% of paywalls are difficult to use”.
Above all, however, they usually work with lump sums: Magazines like the New York Times, Wall Street Journal or Financial Times want between ten and thirty euros a month for a flat rate on their pages. A flat rate is good on the one hand – but how many articles per magazine do you actually read? Wouldn’t it be better if you could pay for the individual articles?
Here, however, there is the problem that individual articles would then come to amounts in the range of a few cents. Transfers over a few cents are rather unprofitable both in the classical world of the Fiat currencies and in the Bitcoin world, finally there are fees. Moreover