The evolution of Web 3 opens up new perspectives for the banking sector and payment services. This new era of Web 3 involves technological protocols controlled by computer code to facilitate direct and secure communication between users, applications, and data. TRUSTECH, the leading event on these topics, has the opportunity to host numerous experts who passionately share valuable insights for all professionals seeking to decipher current and future market trends. Karen JOUVE, CEO of Doors 3, sheds light today on the challenges and opportunities offered by this transition to Web 3. Issues surrounding decentralised finance (DeFi), the impact of stablecoins, the democratisation of cryptocurrency payments, and new use cases are among the many complex themes to explore that are shaping the future of the sector.

Web 3 and Decentralised Finance: Towards a New Banking Landscape

Web 3 is disrupting the banking sector with the rise of decentralised finance (DeFi). This approach is based on blockchain technology, which allows transactions to be recorded securely and transparently without the need for an intermediary. Thanks to this innovation, financial exchanges can be carried out directly between users, reducing costs and increasing the efficiency of transactions. Banks, initially cautious in the face of this transformation, are gradually adapting their models. Major players such as Société Générale and JPMorgan, through its Onyx project which enables the automation of complex financial processes, the minimisation of expenses and the simplification of transactions. These two players are already experimenting with the integration of these new infrastructures. The challenge is to support this technological shift while complying with regulatory and security requirements.

Karen JOUVE from Doors3 resenting a project related to Web3 and banking services on stage during the TRUSTECH conference programme.

Stablecoins and Cryptocurrencies: a Revolution in Progress

Digital currencies, and in particular stablecoins, are experiencing growing momentum. “Stablecoins represent a secure alternative for digital payments, as they combine the flexibility of cryptos with the stability of fiat currencies” stated Karen JOUVE. Fiat currencies are government-issued currencies whose value is based on trust and state regulation. Many payment players such as PayPal and Mastercard are already moving in this direction. Cryptocurrency payments are gradually becoming a reality, not only for online transactions, but also in sectors such as luxury goods and automotive. Companies like Ferrari or certain French retailers now accept these new forms of payment, such as cryptocurrencies with stablecoins, illustrating a gradual yet growing adoption.

New Uses and Customer Experience in the Web 3 Era

Beyond technical and regulatory aspects, the user experience is at the heart of discussions. “New generations are looking for immersive, intuitive and secure payment solutions,” affirmed Karen JOUVE. This trend is confirmed by a Visa [1] study revealing that only 49% of young adults feel informed about financial management, while 26% say they feel overwhelmed by the amount of information available, highlighting the need for clearer and more accessible solutions. The rise of digital wallets and decentralised identity solutions – systems that allow users to manage their personal information themselves without going through a central body – new possibilities are emerging, offering users better control over their personal data and transactions. The integration of Web 3 into the banking ecosystem is not without challenges: gradual adoption, user education, regulatory compliance. However, banks and fintechs that manage to harness this transformation will have a decisive competitive advantage in the future of payments.

[1] https://www.visa.fr/visa/newsroom/press-releases.3375900.html

Web 3 marks a new era for banking and payments. While traditional institutions are reinventing their models, new disruptive players are redefining the rules of the game. Between stabilising regulations, gradual adoption of cryptocurrencies, and transformation of the user experience, the banking ecosystem is on the brink of a profound shift. It remains to be seen how existing players will adapt to this new technological horizon.
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