- SAP is testing the use of USD Coin (USDC) to facilitate international payments.
- The company believes that current international payment methods are expensive and slow.
- SAP is testing the use of blockchain technology to overcome payment challenges.
SAP Tests USD Coin for International Payments
SAP, a leading software company, is currently testing the use of USD Coin (USDC) to provide convenience for users in international payments. In a recent blog post on its official website, SAP highlighted the drawbacks of current international payment methods, emphasizing their high costs and slow processing times. The company believes that these challenges can be overcome by leveraging blockchain technology.
Exploring Blockchain Technology for Payment Solutions
SAP is actively exploring the potential of blockchain technology to address the issues faced in international payments. By utilizing USD Coin (USDC) and euro-based stablecoin EUR Coin (EUROC), which are issued by Circle, SAP aims to test the usability of these digital currencies for cross-border transactions. The company has developed an application called “SAP Digital Currency Hub” for this purpose, which is currently in the testing phase. The application will operate on the Ethereum (ETH) network and is currently being tested on a test network.
Within the test application, users have the ability to make payments using “demo money” and settle “sample” invoices. However, it should be noted that real USDC cannot be obtained during the testing phase, and actual invoices cannot be paid using the test environment.
Bridging the Payment Challenges for Small and Medium-Sized Businesses
SAP Product Specialist Sissi Ruthe believes that the SAP Digital Currency Hub can provide a solution to the payment challenges faced by small and medium-sized businesses in international transactions. By leveraging the benefits of blockchain technology and digital currencies like USD Coin (USDC), these businesses can overcome the limitations of traditional payment methods. The SAP Digital Currency Hub aims to streamline and simplify the international payment process, making it more efficient and cost-effective for businesses.
As SAP continues to test the use of USD Coin (USDC) and explore the potential of blockchain technology, the company aims to revolutionize the way international payments are conducted. By providing a faster, more secure, and cost-effective solution, SAP aims to empower businesses and individuals in their cross-border transactions.
