From shells to cards and from coins to crypto – the way we transact has always evolved alongside the way we exchange value. History shows that payment innovations only take hold when two essential ingredients align: need and trust.
New technologies regularly promise to transform payments, yet too often they can feel like solutions in search of a problem. We have seen false dawns before with Open Banking (although here, arguably, early promise may soon start to bear fruit), and today we are seeing much excitement around agentic payments and the apparent rise of stablecoins.
So, do we really want a payments revolution? Or is one happening whether we want it or not?
Perhaps a better question is this: why do we think we need new ways to pay at all? Starting with the “why” helps make more sense of the “what” and the “how”. For all their promise, innovations such as agentic payments and stablecoins have not yet crossed the tipping point into the mainstream. Nor are they likely to until purpose aligns with capability and trust, with regulation playing a central role in creating that trust.
The real revolution is technology itself. And above all, the biggest game-changer is AI. Over the past decade, conference after conference has shifted its attention from the API economy to blockchain, to crypto, to the metaverse, and now to the ubiquitous subject of AI. Yet these are not isolated or disconnected trends. They are interconnected forces that, together, are reshaping human interaction and broader societal evolution.
That is the real “why” behind change in payments. As technology transforms the way people interact, trade and do business, it also creates demand for new ways to exchange value. New forms of commerce will require new forms of payment.
What does this mean for payment innovations today?
Stablecoin:
For today’s businesses, stablecoins are increasingly seen as a bridge between digital and traditional finance. Early interest is being driven by their potential to reduce friction, cost and delay in cross-border payments, while retaining a link to relatively non-volatile fiat value. For now, however, most engaged companies remain in the exploration phase. At present, the clearest use case is simple: faster, cheaper and easier international
payments. Adoption remains constrained by the lack of mature, trusted and potentially dominant infrastructure. When businesses do embed stablecoins into their operations, they are more likely to rely on established blockchain networks than build their own. A small number of existing chains, including Ethereum and Binance Smart Chain, have emerged as leaders. Even so, widespread corporate adoption is unlikely until infrastructure appears that is more closely associated with trusted financial
institutions.
That is already beginning to happen. Institutions such as JPMorgan, Citi and Ripple are investing in proprietary infrastructure and stablecoin-related capabilities. As those initiatives mature, they are likely to accelerate adoption by giving businesses greater confidence in the underlying rails.
For businesses operating in Europe, the regulatory picture is still evolving. Stablecoins are primarily regulated under the Markets in Crypto-Assets Regulation (MiCA), particularly through its rules for asset referenced tokens and e-money tokens. However, for certain e-money-token activities, there is still complexity around how MiCA interacts with EU payment-services law. Regulators have issued interim guidance, and further clarification is expected through the PSD3/PSR legislative process, but that process is still ongoing.
Agentic payments:
The idea of agentic AI in payments has gained momentum. While fully autonomous payment decision making may still be some way off, it is arguably becoming inevitable. For agentic payments to pass the same three-part test of capability, regulation and trust, several things need to come together.
Autonomous AI decision-making in payments will raise questions around accountability, responsible use, model transparency and auditability. These are, above all, governance questions, and governance is shaped by regulation. Unlike stablecoins, however, agentic AI in payments is not governed by a single dedicated framework. Instead, it sits within a patchwork of broader AI, data and financial-services regulation. Those frameworks do not yet explicitly regulate agentic payments, but they do create the constraints that make full autonomy difficult today.
There is also a more fundamental issue: that of data. Reliable, AI decisions depend on clean, trustworthy and well-contextualised data. If underlying data is incomplete, manipulated or poorly structured, agentic payment systems could make poor financial decisions at scale. Data quality is the foundation of trustworthy AI. Until organisations can be confident that the data feeding these systems is robust, the level of trust needed for widespread adoption will remain out of reach.
A revolution may be coming – but we’re not there yet
At present, neither stablecoins nor agentic payments fully meet the three conditions that payment revolutions have historically required. The technological capability is advancing rapidly, but governance and trust are still catching up.
Once stronger legislative frameworks are in place, we are likely to see major financial services organisations launch more credible stablecoin and agentic-payment propositions. When businesses see those capabilities delivered by trusted brands, adoption could move quickly.
That creates a major opportunity for FinTech’s, which sit at the intersection of internet-native technology and banking-grade discipline. Firms that can combine innovation with trust, usability and governance will be very well placed to shape the next era of payments.
And when those foundations are in place, the next gen payments revolution will not just be possible. It will be unstoppable.
About the author
Steve Whiting, head of payments technology at Soldo where he leads the development of modern payment solutions that help businesses manage spending with greater control and efficiency. He brings extensive experience in fintech and payments innovation, with a focus on building scalable, user-centric financial systems.
