“To users, the experience is not that different from today, where most payments are a series of ledger entries between third-parties who hold their money. But thanks to the speed, efficiency and transparency of blockchains like Ethereum and Stellar, the dollars involved can be moved faster and cheaper than ever.

There’s great potential for these products to take over global payments, especially once retailers in the US get involved.”

Retailers have spent a ton of energy striking back against two-percent swipe fees through litigation. The battle began almost 10 years ago when roughly 12 million retailers accused credit card companies such as Visa and Mastercard of violating federal antitrust laws. According to the lawsuit, merchants were forced to pay swipe fees and were prohibited from directing consumers to other payment methods.

Reuters reported in September that a class-action lawsuit brought by merchants against card issuers JP Morgan Chase, Bank of America and Citigroup, among others, resulted in a $6.2 billion settlement.

To shift consumer behavior, merchants are trying to incentivize shoppers to abandon traditional credit cards by offering everything from free coffee at Starbucks to bonus reward points by making purchases through branded apps and store cards.

Blockchain-based solutions offer an even more united and comprehensive approach to replacing credit cards and slashing the two-percent swipe-fee business. In order for merchants to shift to cryptocurrencies so that they can ditch the hefty transaction fees and reap the benefits of fast payment rails for e-commerce and in-store purchases, digital assets need to be stable.

Writes Malekan,