Payment companies like Visa, Mastercard and PayPal seem to sing a different and more positive song when it comes to cryptocurrencies.
Companies like Visa are changing patterns
In the past, these companies and cryptocurrencies have not always been well understood. The reasons are wide and diverse, a large digital asset is not gaining the trust that other payment platforms receive. For example, credit cards have proven indisputably over the years. In a sense, they have replaced cash, and they provide the ability to pay on the go, if the expenses are too difficult for certain people to manage at once.
Bitcoin and other cryptocurrencies may not be subjected to this test, rarely considering that they are used as a means of payment for goods and services. Few sales outlets accept cryptocurrencies as a means of payment, and on top of this, the domain is fraught with fraud, fraud and other malicious activities that leave a stain on the industry’s constantly adapting reputation.
Thus, many financial companies did not seem willing to accept crypto as the future, but this seems to be changing. In recent years, it is clear that digital currencies may be a way to go before they are seen as mainstream, but accept that they are here to stay and companies like PayPal and Visa change this and change their attitude accordingly.
In his latest blog post, Visa announced:
The concept of digital money – or the digital version of cash, controlled by a private key – was created more than a decade ago with the launch of bitcoin. We believe digital currencies have the potential to expand the value of digital payments to more people and places. Therefore, we want to shape and support the role they will play in the future of money.
What is interesting about the growing relationship between credit card companies and digital currencies is that the assets in question are no different. For example, credit cards are centralized. They are tools by financial companies that record information about you and the transactions themselves each time they are used in purchases.
Bitcoin and crypto are designed as decentralized assets and are designed to give users more control over their information, how they are used and how much they spend their money, so it’s interesting that both parties come together like that.
Working to Build a Better Future
Master Card manager VP Raj Dhamodharan says:
The cryptocurrency market continues to mature and Mastercard takes it forward and creates safe and secure experiences for consumers and businesses in today’s digital economy.
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