A lot of cryptocurrency users are not too happy with Visa right now. Their decision to suspend WaveCrest’s services has not gone over too well. It seems the payment card giant has another reason for this rather sudden decision. More specifically, they have zero intention of supporting any cryptocurrency through their network. Bitcoin is not a payment system, hence it has no business piggybacking on Visa’s infrastructure. A very clear sentiment that will create some interesting discussions.
There is a good reason why Visa and cryptocurrencies won’t play nice. In fact, everyone knows these two industries will not mix particularly well. Visa is the world’s largest credit card company in the world. Most people used Visa-issued cards to spend cryptocurrencies in a more convenient manner. For Visa, this brought along a lot of new users, but also grave concerns. After all, the company doesn’t want to bear any responsibility for currencies they don’t natively support. 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 doesn’t consider Bitcoin to be a payment system. Nor does the payment giant consider it 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. Doing so deliberately is only making things worse, as it burns bridges between both industries. 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 unclear what the future holds for cryptocurrencies and payment cards. Spending Bitcoin directly is a massive pain in the rear right now. Merchants want nothing to do with this new form of money, which is also understandable. Changing the public perception of cryptocurrencies will require a lot of work. For now, it seems no positive changes will be noted in this regard. An interesting story is unfolding before us, but the future has yet to be determined.
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