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Topic: Visa CEO: We won't process transactions in bitcoin, it's not a payment system (Read 252 times)

member
Activity: 88
Merit: 10
Machine Learning & AI - Trustless Ledger System
The amount of transactions bitcoin has within a day would surely give their business a boost. Look at Kodak. They failed to diversify and adapt and that is why they were left behind and went bankrupt. Now, they made their own digital token to make licensing fair to artists. Good move for them. Adapting is key to the future and VISA is just delaying the inevitable.

Good point of view. Any company who does not adapt to the evolving world they go bankrupt or just break bad. Just think about Nokia. Despite they were dominating the mobile phone industry before smart os era and when the time came they were so stubborn to accept the change. we all have seen what happened to them after that. so visa is not doing good for their future.
sr. member
Activity: 353
Merit: 250
What do you care? Let them. Visa is not king.
sr. member
Activity: 658
Merit: 250
https://www.cnbc.com/2018/01/17/visa-will-not-process-bitcoin-transactions-says-ceo-alfred-kelly.html

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Visa CEO Alfred Kelly weighs in on tax cuts, bitcoin and global transactions 


Bitcoin, the world's largest cryptocurrency, is not really money and Visa won't touch it, the credit card giant's CEO told CNBC.

"I don't view it as payment system player," Alfred Kelly said in an interview recorded on Tuesday at the National Retail Federation conference in New York City.

Despite the emergence of bitcoin as digital money that can be used in a limited fashion to buy things, Kelly said, "We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions."

At present I also do not see BTC as payment tool due to high fees and time of transactions. However, there are other criptocurrencies that could be used for payments
sr. member
Activity: 560
Merit: 260
Attention American Express folks, this is your chance to get out of the Mastercard / Visa corner getting punched out year after year.    Take the opposite tack and embrace BTC and crypto.     
sr. member
Activity: 518
Merit: 250
Agree with VISA CEO. Bitcoin could be a payment method maybe in the future, but not now. VISA just doesn't want to waste money to build infrastructure for cryptocurrencies that are used by not really many people. Bitcoin is still accepted in a few places, is not really easy to use, so it's not a payment method for ordinary people yet.
newbie
Activity: 210
Merit: 0
The amount of transactions bitcoin has within a day would surely give their business a boost. Look at Kodak. They failed to diversify and adapt and that is why they were left behind and went bankrupt. Now, they made their own digital token to make licensing fair to artists. Good move for them. Adapting is key to the future and VISA is just delaying the inevitable.
jr. member
Activity: 308
Merit: 5
It is interesting, when the price of bitcoin was high all this companies where announcing that they will accept bitcoin in nearest future, now they say that they will not take bitcoin, and are they going to change their mind according to the bitcoin price? Huh Huh Huh
legendary
Activity: 1372
Merit: 1032
All I know is that I know nothing.
translation:
Visa CEO:
"We are scared shitless of bitcoin ever since we saw it come out and with the mass adoption that happened in 2017 we are seriously worried about the future of our business. we charge a lot to process payments and can only handle 1000-2000 transactions per second, bitcoin soon will be able to process billions of transactions per second completely decentralized and free of  charge and that will put an end to a big chunk of our business.
so we try to delay our inevitable doom best way possible."
member
Activity: 532
Merit: 15
Just give that crazy nut some time, remember, Thomas Watson, president of IBM told "I think there is a world market for maybe five computers" in 1943.

legendary
Activity: 2912
Merit: 6403
Blackjack.fun
Seems fair enough to me. I wouldn't expect Delta or Etihad to start running my local bus service either.

That's harsh!!!! But unfortunately also true.

Yes they are doing this because they are losing money, which instead of sitting on people's accounts and make huge profits to banksters, are being transferred to buy cryptos.
What we should do is to workaround by withdrawing salaries to cash immediately after we receive it. Then make wire transfers to exchanges instead using cards.
Once they face big losses they will have to accept bitcoin again.

Hmm, losing money?
You realize how many people had VISA cards and they loaded those cards with coins?
VISA was actually making a lot of money out of crypto.
And so do banks.
More than 90% of all the money that get into crypto are doing so by bank transfers.

And your post if proof you don't have a clue how the banking system works.

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What we should do is to workaround by withdrawing salaries to cash immediately after we receive it. Then make wire transfers to exchanges instead using cards.

So, I'm supposed to make two transactions instead of one.
And either way, VISA still gets ones.
Funny

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You pay fees to get your card and bank account running.

ING:
0 fee for card, 0 fee for accouter maintenance, 0 fee ATM withdraw,  0 fee online banking and mobile banking...
Change your bank!!!!
newbie
Activity: 80
Merit: 0
Basically, VISA stated that they do not intend to process any crypto transaction on their network. This means VISA has no intention to let you use your bitcoin to pay a merchant who is accepting bitcoin. it also means they won't let you pay your bills to them in Bitcoin.

This is where companies like Monaco, Amon, etc. come in. They provide the customer with a VISA or MasterCard prepaid card, which is just a normal prepaid card where you "load" a certain ammount of Fiat money (say, US Dollars), and spend them at any vendor accepting the circuit.

The key difference from a Monaco card and, say, a standard pre-paid is that the provider (Monaco in this case) has a whole backend system which allows you to pay them in bitcoin or other supported cryptocurrencies, then THEY handle the conversion to "regular money", which is all that VISA ever gets to see on their system.

Thanks... i understand now.. Wink
sr. member
Activity: 630
Merit: 250
All this announcements make more panic in society.
jr. member
Activity: 100
Merit: 1
sr. member
Activity: 328
Merit: 252
Basically, VISA stated that they do not intend to process any crypto transaction on their network. This means VISA has no intention to let you use your bitcoin to pay a merchant who is accepting bitcoin. it also means they won't let you pay your bills to them in Bitcoin.

This is where companies like Monaco, Amon, etc. come in. They provide the customer with a VISA or MasterCard prepaid card, which is just a normal prepaid card where you "load" a certain ammount of Fiat money (say, US Dollars), and spend them at any vendor accepting the circuit.

The key difference from a Monaco card and, say, a standard pre-paid is that the provider (Monaco in this case) has a whole backend system which allows you to pay them in bitcoin or other supported cryptocurrencies, then THEY handle the conversion to "regular money", which is all that VISA ever gets to see on their system.
newbie
Activity: 80
Merit: 0
I see nothing odd or wrong with this. Visa is the last company you'd want to be "processing" crypto transactions.
First of all, crypto transactions process themselves, they do not need processing by a third party. Secondly, VISA's usefulness comes from being established and accepted Worldwide by a huge ammount of locations.

Leave the conversion in the hands of intermediaries like Monaco, etc. The card istelf is best left as perfectly standard fiat payer.

What it mean ? We will only process fiat currency-based transactions. Thanks for explication.
sr. member
Activity: 328
Merit: 252
I see nothing odd or wrong with this. Visa is the last company you'd want to be "processing" crypto transactions.
First of all, crypto transactions process themselves, they do not need processing by a third party. Secondly, VISA's usefulness comes from being established and accepted Worldwide by a huge ammount of locations.

Leave the conversion in the hands of intermediaries like Monaco, etc. The card istelf is best left as perfectly standard fiat payer.
legendary
Activity: 2590
Merit: 3015
Welt Am Draht
Seems fair enough to me. I wouldn't expect Delta or Etihad to start running my local bus service either.
newbie
Activity: 56
Merit: 0
Yes they are doing this because they are losing money, which instead of sitting on people's accounts and make huge profits to banksters, are being transferred to buy cryptos.
What we should do is to workaround by withdrawing salaries to cash immediately after we receive it. Then make wire transfers to exchanges instead using cards.
Once they face big losses they will have to accept bitcoin again.

I don't understand what did people expect  Roll Eyes?
Affcourse they will say these things, It's their livelihood people cmon.
I'm still amazed that my bank allows me to send money to bitstamp. I really am. (I'm in EU)

Amazed? Except credits and mortgages, its our money that sits on bank account, not theirs. You pay fees to get your card and bank account running.
So I can do with them whatever I want to do if that does not violate law. Bitcoin is within the law, it does not harm people. My money, my business.
legendary
Activity: 1694
Merit: 1005
Betting Championship betking.io/sports-leaderboard
That's a real shame, but this doesn't surprise me. As soon as the lightning network gets implemented, and bitcoin transactions get super fast and cheap, bitcoin will become a real threat to Visa and they know it. Banks, visa, and some governments, are all trying to bash bitcoin and see if they can shut it down with words, but they really can't. Bitcoin will continue having these cycles, since it's still very small, and easily manipulated, but as it evolves and gets more adoption, it will become unstoppable. Visa is shutting down bitcoin debit cards, but it will be their loss, since bitcoin wont need them soon enough.
hero member
Activity: 770
Merit: 482
Yeah i agree little bit with the Visa CEO in current situation of bitcoin.
Bitcoin can't be a payment system now because of some problem that is bitcoin having now.
Few of these are higher fees, Slower transaction time and Excessive Volatility.
But i think 2 of them will get solution when lightning network will be implemented.
But personally i think bitcoin like gold as a store of value.
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