How open banking will help enable the rise of Web3
Web3 is about to change the way we pay online. And open banking could play a big part in that shift.
Web3 has the potential to radically reshape digital life as we know it. Imagine a new version of the internet, one that harnesses the power of decentralised technologies (blockchains, non-fungible tokens (NFTs) and new social platforms like the metaverse) to enable digital economies to flourish and give greater power to content creators and consumers.And it’s already on its way. For many people, Web3 is closely associated with decentralised finance (DeFi) and decentralised autonomous organisations (DAOs). But the idea goes beyond creating new financial assets. Instead, it revolves around bringing the blockchain into the application layer to create more open and community-owned services.It remains to be seen exactly what the future of Web3 will look like. One thing is certain, though: the way that we transact online is about to change.And open banking payments are going to play a key role in making that happen.