Are Card Payment Giants Threatened By Bitcoin

When you think of international payments, some of the first names that will spring to mind are global giants MasterCard, Visa, and American Express.

What is their view on the virtual crypto-currency Bitcoin? Well, all three have been relatively silent on the topic of digital currencies, but with a number of the world’s major banks starting to make public their interest in the technology and functionality of Bitcoin, it’s no surprise that Visa, MasterCard, and American Express are also dipping their toes into the water.

Visa

Visa has recently revealed that it is working with Citigroup and Nasdaq to invest in Chain. Chain is an enterprise platform that enables developers to build on top of the blockchain – the public general ledger that is the technology that underpins Bitcoin, effectively recording every bitcoin transaction. As part of its public statements regarding the investment, Visa revealed that it had been evaluating the blockchain technology for some time, intrigued by its potential to create new ways to transfer non-traditional currencies. By non-traditional currencies they mean things that aren’t actually money as we currently know it, but are things that represent value such as gift cards or loyalty points.

MasterCard

MasterCard has invested in the Digital Currency Group. This is MasterCard’s first investment in any kind of digital currency business, and they have publicly stated that they are particularly interested in the technologies in the digital currency and Blockchain spaces. MasterCard are publicly emphasising their need for safety and certainty regarding currency transactions, stating that they want to help create a level playing field for how digital currency is approached, regulated, and monitored.

American Express

American Express was founded in 1850 and is best known for its credit card, charge card, and traveller’s cheque businesses. American Express transactions account for around 25% of the total value of credit card transactions in the United States. As well as the day-to-day business, American Express has built huge value in its brand, and it is regularly ranked as one of the most admired companies in the world.

In terms of Bitcoin, American Express has recently invested in Abra – a Bitcoin app that focuses on remittances. As part of the Abra investment process, American Express executives were quoted as saying that they believe that the block-chain technology of Bitcoin could play an important role in the evolution of money transfer on casinofair.com and commerce – especially in emerging markets.

What does this all mean for Bitcoin?

What’s interesting is that the investments that the card companies of Visa, MasterCard, and American Express are making are all to do with the block-chain technology, not the crypto-currency of Bitcoin itself.

Part of the reason that the financial services giants are publicly positioning themselves as interested in the block-chain technology rather than Bitcoin is that the digital currency remains volatile and also has struggled to shed its association with criminal activity and other reputation-damaging incidents.

The future of Bitcoin remains relatively unclear, but what is apparent is that the technology that has enabled its creation and function is going to be a key force in shaping our international payments systems in years to come.

Bitcoins can be utilized to purchase stock secretly. Furthermore, worldwide instalments are simple and modest in light of the fact that bitcoins are not attached to any nation or subject to guideline. Independent companies may like them on the grounds that there are no Visa charges. A few people simply purchase bitcoins as a venture, trusting that they will go up in esteem.

About the author /


Ryan

Ryan Morris is a technology writer and is really intrigued by the ways technology revolutionized the casino industry. In his free time, he tries to learn more about the different strategies that are used in poker games.

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