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Fight of old and new

12/21/2018
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  • Western_Union_cryptocurrency
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At the end of 2018, we can confidently say that blockchain technologies are successfully replacing classical methods of conducting financial transactions. Thus, the turnover of the Western Union payment system was lower than that of Bitcoin cryptocurrency. This forces financial and technology companies to look for new opportunities.

Western Union resistance

Western Union payment system turned out to be one of the most ardent opponents of the blockchain. However, there is no talk about open opposition, the struggle is conducted in a hidden form. Sources of hostility are not a secret - cryptocurrencies were originally invented to create an independent peer-to-peer network. In fact, it is a direct challenge to the interests of the company. Bitcoin, and then ripple, selected a significant proportion of customers.

In response, WU refused to transfer payments to cryptocurrency exchanges and sites. However, it seems that here recognized the futility of the struggle. Western Union President Odilon Almeida announced his readiness to start transactions in Bitcoins and other digital assets at any time. However, he did not attach any importance to them. It was said that the company now works with 130 assets. And a few more will not affect the business scheme and will not cause difficulties.

It is noted that WU is not going to use blockchain technology in the implementation of calculations. The existing mechanisms fully meet the current requirements; the company is not interested in any update.

Time will tell how this strategy will be correct. It is noteworthy that Western Union faces another danger. Samsung has announced its readiness to integrate cryptocurrency wallets into its smartphones. Since the security will use biometric data, hacking such a "safe" will be almost impossible. If the South Korean manufacturer succeeds in creating a fast and reliable system, the business of traditional payment systems may be threatened.

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