The Future of Web3 and Crypto Payments: Insights from Industry Experts

September 26, 2023
Panel Discussion "Future of Web3 Payments: Are We There Yet?" with panelists Evald-Hannes Kree, Raido Saar, and Ian Kalla.

The world of Web3 and cryptocurrency payments is rapidly evolving, presenting both challenges and opportunities for businesses and individuals alike. In our recent panel discussion, titled “Future of Web3 Payments: Are We There Yet?”, we gathered experts from the fields of Web3 and fintech to discuss the current landscape, identify challenges, and share opportunities that can lie ahead for the industry. Here are some key insights and takeaways on the future of Web3 and crypto payments from our engaging panel discussion.

Current User-Friendliness of Web3 Payment Solutions

The discussion began with an exploration of the user-friendliness of Web3 payment solutions. Evald-Hannes Kree, CEO of Swapin, pointed out that while peer-to-peer transactions pose no significant challenges, they can be daunting for those unfamiliar with crypto due to their perceived complexity and risks, particularly among institutional clients. Raido Saar, President of Estonian Web3 Chamber, highlighted the contrasting expectations of payment speed between regions, citing Europe’s standard for almost immediate bank payments compared to the US and Canada’s acceptance of longer payment processing times. Ian Kalla, CXO of Bankish, emphasized that improving user-friendliness hinges on making the utility of crypto more comprehensible to the broader public, breaking down the perception barriers.

Ways to Increase Wider Crypto Adoption

Ian Kalla emphasized the importance of demystifying the concept. He compared crypto payments to traditional ones, highlighting that it needs to be as clear as swapping 10 EUR in cash to two 5 EUR bills. The concept of cryptocurrencies and NFTs is still very unknown to many. Raido Saar noted that the interest tends to peak when markets are up, because when markets are down people aren’t as interested to learn or get involved. However, he pointed out that major corporations like Air Baltic and Lufthansa are already using NFTs for loyalty programs, bringing Web2 to Web3. This adoption brings the increased need for crypto payments, as people are getting into the industry and want to learn more about it. Evald-Hannes Kree emphasized the need for a common user-friendly working model. The panelists drew parallels with the mass adoption of automobiles and the Internet. It always takes time for innovation to be fully comprehended and widely adopted.

The Role of CBDCs for Web3 Payments

Central Bank Digital Currencies (CBDCs) have gained momentum, sparking debates within the crypto community about their compatibility with the principles of decentralization. Evald-Hannes Kree and Raido Saar agreed that the crypto mentality is definitely different to CBDCs’ nature of centralization. Raido Saar sees CBDCs as an opposition to personal privacy and freedom, as they can allow for money to be programmed, restricting its use for individuals. Ian Kalla adopted a more nuanced stance, acknowledging the growing adoption of CBDCs, but emphasizing the importance of fostering co-existence and alternatives uses of different digital currencies.

Effect of Increased Regulations on Crypto Industry

The conversation shifted to the regulatory landscape, with a focus on recent cases, such as the SEC vs. Ripple and Binance, as well as the EU’s MiCA implementation. Raido Saar advocated for strong regulations, citing their potential to enhance security and increase trust in the crypto industry. Weaker regulations will allow more room for thefts and scams, which inevitably however will always be existent in the space. Evald-Hannes Kree added that clear guidelines can attract more institutions to the crypto space, though market sentiment remains a potent force influencing wider adoption.

Addressing Misconceptions about Crypto

Misconceptions about crypto and Web3, including statements like “Crypto is a scam” and “not to be trusted,” can deter potential users. Raido Saar believes that trust is a personal journey of learning and experience. Evald-Hannes Kree shared his long-term perspective as someone who has been in the industry for a long time. He highlighted how Bitcoin has endured skepticism over the years, signifying the inevitability of Web3’s continued growth. “One Bitcoin is always one bitcoin – crypto is the future,” Evald-Hannes shared.

Web3 and Crypto Payments in 5 Years?

Panelists offered their visions of the future of the Web3 industry and crypto payments. As a fintech expert, Ian Kalla foresaw the integration of smart contracts into traditional banking for greater efficiency and customer experience. Raido Saar envisioned a move towards genuine decentralization as a solution to sustain current business models. Evald-Hannes Kree emphasized the coexistence of centralized and decentralized payment solutions, predicting the emergence of stablecoins from major institutions. Adding that Swapin will be here to bridge the two worlds of Web2 and Web3.

Panelists: Evald-Hannes Kree CEO of Swapin, Raido Saar President of Estonian Web3 Chamber, Ian Kalla CXO of BankishModerator: Mia Belle Trisna. Photo by Egert Kamenik.

Key Takeaways

  1. Simplifying crypto payments and increasing the understanding of Web3’s utility is crucial for widespread crypto adoption.
  2. Central bank digital currencies (CBDCs) spark debate within the crypto community. Some see them as opposing the decentralization ethos, while others view them as coexisting alternatives.
  3. Crypto regulations can enhance security and trust, they should not stifle innovation in the crypto space. Maintaining a balance is crucial.
  4. Misconceptions about crypto can hinder adoption. Trust is a personal journey that involves learning and experience. Building trust in the crypto ecosystem requires ongoing education.
  5. Panelists see a future where smart contracts enhance traditional banking, true decentralization becomes a sustainable business model, and stablecoins from major institutions coexist with other digital currencies. The future of Web3 payments is promising yet complex, demanding adaptability and innovation.


The future of Web3 and crypto payments holds many opportunities, but we still need to do work to achieve widespread adoption. By working together, the Web2 and Web3 industries can overcome the challenges that lie ahead and create a more inclusive and efficient financial system for all.

If you want to learn more and dive deeper into Swapin’s crypto payment solutions, check out our website here

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