Visa Confirms They Will not Support Bitcoin or Other Cryptocurrencies in the Future
Many cryptocurrency users are not happy with Visa right now. It seems the payment card giant (visa) has another reason for this rather sudden decision. More specifically, they have zero intention of supporting any kind of cryptocurrency through their network. Bitcoin is not a payment system, hence it has no business piggybacking on Visa’s infrastructure.
There is good reason why Visa and cryptocurrencies wont play nice. In factm everyone knows these two industries do not mix well. Most people used Visa-issued cards to spend cryptocurrencies in a more convenient manner. For visa, this broughht along a lot of new users, but also grave concerns. Right now, fiat currency-based transactions are the only type the company plans to process.
Visa Wants Nothing to do With Cryptocurrencies
Moreover, the company doesnt see Bitcoin as a payment system . Nor does the payment giant consider is as a payment system player. Those are the words of Visa CEO Alfred Kelly. Moreover, the company will not change its stance on cryptocurrency-based payments. A big problem for a lot of enthusiasts, although Mastercard doesn’t seem to echo this statement as of right now. For the company, Bitcoin and altcoins are commodities, which do not need to be supported by payment card issuers.
Drawing these clear battle lines may not be in the best interest of Visa either. Alienating oneself from the cryptocurrency industry is a mistake no one can afford. The current speculative nature of al cryptocurrencies makes it extremely unfavorable for any company to deal with. The world’s leading credit card company simply voices those concerns in public, rather than remaining quiet. It is evident this decision is not a popular one, although everyone can see the reasoning behind it.
It is still yet unclear what the future holds for cryptocurrencies and payment cards.