From Disruption to Integration: How Global Payments Giants are Absorbing Blockchain and Tokenisation

In this paper, we discuss:

• The shift from disruption to integration, with major payment networks embedding blockchain and tokenisation;
• The move toward 24/7, programmable payments enabled by stablecoins and on-chain settlement;
• Incumbents’ dual strategy of improving efficiency while retaining control over financial infrastructure;
• The competition between incumbents and new entrants, with incumbents holding a scaling advantage;
• Persistent barriers to adoption, including interoperability, regulation, and system-level frictions.

Download PDF: Global Payments Giants – April 2026