TechFlow news, October 21 — According to CrowdFundInsider, James Toledano, COO of crypto self-custody wallet Savl, said decentralized finance (DeFi) has the potential to break Visa and Mastercard's dominance in Europe’s payments landscape, while reducing parts of Europe’s reliance on U.S.-based payment systems.
Toledano noted that European customers are increasingly seeking solutions like stablecoins to reduce exposure, lower fees, and decrease dependence on underperforming technologies. "I often receive USDT payments via the TRON blockchain, then convert them into euros, dollars, or pounds and send them to my bank account. It's an excellent cross-border solution," he said.
While Visa and Mastercard are integrating DeFi technologies and offering debit card solutions linked to users’ cryptocurrency/stablecoin wallets, Toledano believes DeFi will challenge their dominance by providing decentralized, low-cost payment alternatives. He predicts that the future of finance will be built on blockchain, with end users ultimately decoupled from the underlying technology. Toledano emphasized that Europe needs to develop its own euro-backed solutions and technical payment frameworks to end the monopoly held by U.S. tech companies.
