The Future of Payments Part2: How SWIFT, Goldman Sachs, Apple Pay, and Shopify are boosting their presence in Web3 and Blockchain (2024)

Following from my first piece on the topic a month ago, I'm thrilled to share with you the latest activities we've been observing from SWIFT, Goldman Sachs, Apple Pay, and Shopify in the blockchain payments space. As the founder of alsomine, a blockchain-based gift cards e-commerce platform, I'm closely following all new (and exciting) developments coming from top global payments players.

One of my key takeaways from these companies' initiatives, is their strategic focus on integrating blockchain and Web3 technologies to not only to streamline payments but also to foster user adoption and create new revenue streams.

Here’s a short summary of some of the most interesting recent initiatives, links to sources included, of course.

SWIFT

SWIFT is a global payments network that's actively exploring blockchain technology to enhance cross-border transactions.

1. Cross-Border Payments: SWIFT has been actively experimenting with blockchain technology to facilitate faster, more cost-effective cross-border transactions. Source
2. SWIFT GPI: The introduction of SWIFT GPI aims to bring much-needed transparency and traceability to international payments in the blockchain era. Source
3. Collaboration with Banks: SWIFT has partnered with various global banks to rigorously test blockchain's capabilities in financial transactions. Source
4. Blockchain for Compliance: SWIFT is also exploring the use of blockchain for enhanced regulatory compliance and fraud prevention measures. Source

Goldman Sachs

Goldman Sachs, a leading global investment banking firm, is making significant strides in the blockchain and cryptocurrency spaces.

1. Blockchain Collaborations: Goldman Sachs joined Canton Network designed for institutional clients, together with BNP Paribas, Deloitte, S&P Global, Microsoft. Source
2. Blockchain Investments: The bank has invested a substantial $50 million in several innovative blockchain-related startups. Source
3. Repo Transactions: Goldman Sachs is utilizing blockchain technology for repo transactions, which are essentially short-term borrowing for dealers in government securities. Source
4. Goldman Sachs Digital Asset Platform: Launched GS DAP in January 2023, issuing digital bonds and contributing to the tokenization of real-world assets. The platform was responsible for a $102 million digital Green Bond with the Hong Kong Monetary Authority. CoinDesk

Apple Pay

Apple Pay, Apple's digital wallet service, is cautiously stepping into the blockchain and cryptocurrency spaces.

1. Crypto Wallet Integration: Apple Pay now allows users to seamlessly integrate crypto wallets, making it easier to spend digital currencies. Source
2. Blockchain Patents: Apple has filed several patents related to blockchain, indicating a potential future deeper dive into this transformative technology. Source
3. Web3 Integration with STEPN: Apple Pay has integrated with the Web3 move-to-earn game STEPN GO , aiming to onboard the next 100 million users to Web3. Coindesk

Shopify

Shopify, a leading e-commerce platform, is leveraging blockchain technology to enhance its offerings and improve the user experience.

1. NFT Sales: Shopify now allows merchants to sell NFTs directly through their storefronts, providing a new revenue stream. Source
2. Crypto Payments: Shopify has integrated multiple crypto payment gateways, allowing for a broader range of payment options for consumers. Source
3. Blockchain for Supply Chain: Shopify is actively exploring the use of blockchain for better, more transparent supply chain management. Source
4. Solana Integration: Shopify has recently integrated with Solana Labs to enable faster and more cost-effective transactions for its users. Source

Conclusion

There's clearly a race between major players in this space. I wonder who will crack how to leverage Blockchain payments and services towards a real competitive advantage with customers.

Feel free to leave a comment below with your thoughts or questions on how these companies are shaping the future of payments.