Published: 19.04.2022
Article reading time:
2 minutes.
The CEO of Social Capital and Virgin Galactic thinks Solana can capture market share in traditional financial services.
Chamath Palihapitiya told the All-In Podcast that Solana is part of a “massive disruption to the global payments industry.” The blockchain payment service, according to the billionaire, is able to challenge the giants of the payment industry, such as Visa and Mastercard.
The businessman noted that over the past 90 days there has been a surge in activity in the payment systems market, which could lead to changes in the balance of power:
“I think Visa and Mastercard are doing the dumbest thing they could do, being a duopoly that pushes prices up. Especially at the moment of inflation, which simply lacks full knowledge and sensitivity to the moment.”
Palihapitiya believes that the decision to raise prices “creates an incentive for destruction.” In his opinion, in a niche that was controlled by the giants, part of the space is freed up for Solana. And that speaks to the upcoming blockchain breakthrough with Solana Pay, a decentralized peer-to-peer payment protocol that the company launched in February.
“I was able to get a little peek under the hood of Solana Pay this week and it’s really exciting. I think that sooner or later everyone will start using such a convenient service. It looks like a swarm of activity to dismantle global payment companies, ”said the billionaire.
Palihapitiya expressed admiration for the effectiveness of Solana’s new payment functionality, which completely eliminates the middleman:
“The core message of Solana Pay is that payment and the technology behind it evolves from a necessary service utility to a true peer-to-peer communication channel between merchant and consumer.”
In addition to expanding into the payment market, Solana is aiming to capture the NFT market. Many NFT projects and collectors have recently switched to Solana due to its scalability and low transaction costs.
Source: Bits
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