Welcome to The Axis, your late look at payments news from around the world. Coverage includes Oracle’s decision to bring its FinTech Innovation Program to Brussels. In addition, blockchain technology is expected to take hold in India and BS/2 plans to expand its point-of-sale (POS) terminal network in Georgia.
The blockchain is gaining traction in India, where the market for such technology is projected to grow at a compound annual growth rate (CAGR) of 58 percent during 2018 to 2024, according to a report from 6Wresearch. The firm said the market is dependent on the growth of digital payment solutions through a Unified Payment Interface (UPI) and digital wallets. Overall, the digital payments solution market is projected to reach beyond $500 billion by 2020, compared to approximately $50 billion in 2017.
“Blockchain technology is bound to register substantial growth over the coming years. Currently, consumer awareness for this particular technology is at a very niche stage,” Zebi Data India Founder and CEO Babu Munagala said in statement from 6Wresearch. “However, with surging growth of blockchain integration in several verticals, majorly driven by government and enterprise segment, the market is projected to register considerable growth over the next 2 to 3 years.”
Elsewhere in Asia, BS/2 plans to increase its network from 20,000 POS terminals to 25,000 in Georgia by the end of 2018, according to an announcement. The company noted that there is growth potential in the market: There were 9.2 million payment cards in Georgian user circulation, which marks an 11 percent increase from 2016.
“It is not a surprise, that such an active market is attractive for our banking technologies company,” said BS/2 Georgia CEO Andrei Smirnov in an announcement. “Due to the rapid development of the financial sector in the region, the network of POS terminals (serviced by our subsidiary BS/2 Georgia) is constantly growing.”
In Europe, Oracle has picked Brussels to bring its FinTech Innovation Program to the continent, the company said in an announcement. With the program, Oracle plans to dedicate additional European staff and resources to monetizable relationships with digital banking innovators and FinTech firms. Furthermore, the company plans to work with B-Hive on its efforts.
Oracle chose the city due its central location and presence of European Union (EU) institutions. The move was welcomed by Belgium Minister of Finance Johan Van Overtveldt, who said that he expects the relationship to “create real momentum in the acceleration of financial innovation in Belgium and Europe.”