Former eBay Chief Product Officer R. J. Pittman sat down to discuss the roles of eBay, Ripple, and Blockchain in cross-border payments at Swell 2018. R.J. Pittman mostly talked about eBay, sharing some early learnings in tackling cross-border payments and they could inform digital asset companies. He also touched on the rise of the ‘sharing economy’ and its potential impacts on the global economy.
Pittman, who’s spent five years at eBay and left earlier this year, reflected on his experiences with eBay and roles at Google. He highlighted some of the changes and opportunities in the payment and technology industry.
“International payment processing is just massively laborious. It is extraordinary heavy lifting to create a payment mechanism in a country outside of your domicile and even more so maintaining those payment integrators with payment processors and the banking infrastructure that is constantly evolving,” he said concerning the present condition of cross-border payments.
Inefficiencies In Cross-Border Trades
He complained about the inefficiencies of the current payment channels available right now.
The inefficiencies in the processing of transfer of payments – whether it’s global payments, or even a credit card settlement here in the US, it’s incredibly antiquated; it’s cost-ridden. There are grounds for so much innovation.
However, he believes blockchain can reduce the friction of payments to create higher speed and efficiency. Even though he thinks digital assets have a brand problem and that the early focus has been on just trading. That could lead to “losing the plot before we even shoot the movie,” he says. He suggested that crypto companies should focus more on communicating the value of their products.
XRP Could Be The Solution
He noted that cryptocurrencies like XRP, acting as a bridge currency, is a great use case. It calls it the “lubricant in the flywheel” of cross-border payment for companies like eBay.
R.J. Pittman’s words at the conference resonated with some the cryptocurrency community on Twitter. Even though major cryptocurrencies have had to deal with plunging prices in the past weeks, a lot of people in the community believe these assets are worth it.
Ripple’s Swell conference is one of the biggest conferences in the digital asset industry. It facilitates multiple fruitful sessions where industry topics are expounded upon by Ripple’s current customers, financial industry experts, and the Ripple facilitators.