Visa: Bitcoin Has a Future in Payments

[ChrisPop]

Large existing payments companies are “lowering the drawbridges” and working more openly with new players in the space, according to a Visa executive.

Jonathan Vaux, executive director of new digital payments and strategy at Visa Europe, was speaking at WIRED Money, held in London yesterday.

“I genuinely believe that by working together, we will succeed together. I think that the innovation that the startups bring is fantastic and that the scale the incumbents – the banks, the Visas of the world – can bring is really really valuable,” he said.

http://www.coindesk.com/visa-bitcoin-has-a-future-in-payments/

Formerly vice president at American Express, Vaux said bitcoin is very much on his radar:

“The one thing I often get asked about is bitcoin. I do see … a separation between the currency and the technology that sits under it. From the point of view of currency, I think that's interesting. As Visa, that's what we do – we manage currencies.”

Looks like bitcoin is expanding rapidly. 

[aso118]

Looks like bitcoin is expanding rapidly.  

Bitcoin definitely has a future in payments. It is one area where Bitcoin has huge advantages compared to existing systems. If Visa ignores Bitcoin, it may not have a future. 

[herzmeister]

"Bitcoin the currency is very interesting, but not the blockchain."

[H.W.Z]

"Bitcoin the currency is very interesting, but not the blockchain."

Bitcoin is just a token for being a currency. Its advantages are recognized more and more ppl! But for BlockChain,it can be applied in more area! Many bitcoin related startup are based on BlockChain technology not bitcoin!

[Amph]

i like that they are less hostile than mastercard, maybe because they feel safe because they hold the first spot on the volume

still their tone is not convincing, it seems like they are reciting

[LFC_Bitcoin]

It doesn't really matter what Visa, Mastercard etc think because eventually (I'm talking about 10+ years away) bitcoin will surpass them. Likewise Western Union & Paypal will most likely be blown out of the water by bitcoin. This is obviously all a very long time away as bitcoin is still in its infancy & these huge organisations, corporations etc monopolise the financial world. Their domination won't last forever though, none of them can do what bitcoin does as quickly & cheaply.

[LiteCoinGuy]

"Bitcoin the currency is very interesting, but not the blockchain."

now the world is upside down  ...

is it bitcoin or the blockchain what is so cool and usefull?  make a choice!


 

[herzmeister]

"Bitcoin the currency is very interesting, but not the blockchain."

Bitcoin is just a token for being a currency. Its advantages are recognized more and more ppl! But for BlockChain,it can be applied in more area! Many bitcoin related startup are based on BlockChain technology not bitcoin!

That was a joke. Certain industries usually put it the other way round.

[Undermood]

"Bitcoin the currency is very interesting, but not the blockchain."

now the world is upside down  ...

is it bitcoin or the blockchain what is so cool and usefull?  make a choice!


 

When we talk about bitcoin, we are not separating them and they cannot live without the other! Bitcoin is supported by BlockChain! All of transactions are stored on the BlockChain!

[LiteCoinGuy]

"Bitcoin the currency is very interesting, but not the blockchain."

now the world is upside down  ...

is it bitcoin or the blockchain what is so cool and usefull?  make a choice!


 

When we talk about bitcoin, we are not separating them and they cannot live without the other! Bitcoin is supported by BlockChain! All of transactions are stored on the BlockChain!

Ahhh, okay - now i understand. So Blockchain is good but Bitcoin is drug money?

[ifightformerkel]

Bitcoin not only has a future in payments, it will be the future in payments.

You can ship large sums of money without problems, without someone is watching or controlling you.
Bitcoin is freedom.

[pitham1]

Bitcoin not only has a future in payments, it will be the future in payments.

You can ship large sums of money without problems, without someone is watching or controlling you.
Bitcoin is freedom.

Visa, as one of the current leaders in payment, should recognize this.
If they don't adapt, they will die.

[BillyBobZorton]

i like that they are less hostile than mastercard, maybe because they feel safe because they hold the first spot on the volume

still their tone is not convincing, it seems like they are reciting

The guy that founded VISA is working with Xapo and is part of the advisory board, he has seen it's the future.
Right now Bitcoin is very limited in terms of what amount of transaction it can deal with it, but it will scale up, and we'll see this in the next 1-2 years.

[michietn94]

Well that good news for visa holder and bitcoin holder because bitcoin is getting more known.
I'm wondering by implement this method , more transaction can be handle more easily. I'm using a BCA visa and it cost fee too much...

[melody82]

This whole thing reminds me of the music industry.  When cd's came out in the 80's, the industry embraced the new tech and made a crapton of money from it (basically using it as a scheme to screw artists out of more money).  When mp3's came out the industry rejected the new tech, and look how that ended up.

Which will this be?  The established industry can embrace the new tech, or they can get wiped out like the music industry.

[Argwai96]

This whole thing reminds me of the music industry.  When cd's came out in the 80's, the industry embraced the new tech and made a crapton of money from it (basically using it as a scheme to screw artists out of more money).  When mp3's came out the industry rejected the new tech, and look how that ended up.

Which will this be?  The established industry can embrace the new tech, or they can get wiped out like the music industry.

Pretty much, visa and master card refuse to accept that bitcoin brings a new world of opportunities with out them, most likely it would be the same scenario, the industry will embrace a while after the technology is well adopted. 

[bornil267645]

Bitcoin is already the feature of payments. No matter how they try to fold it, bitcoin is better than any traditional payment system. Unless bitcoin tech eats itself, bitcoin will rule the world economy at some point.

[lorylore]

Bitcoin is a good payment method these years, of course it has a good future.
Just need the price be a bit stable and everything will be great.

[MUFC]

“I genuinely believe that by working together, we will succeed together. I think that the innovation that the startups bring is fantastic and that the scale the incumbents – the banks, the Visas of the world – can bring is really really valuable,” he said.[/i][/b]

They wont have any choice but to 'work together' as if they continue without adapting they know people wont use them forever. Bitcoin will hopefully force them to change their ways or lower their fees as that is what is going to drive users and industries to adopt bitcoin. Why pay extortionate fees to send money when you can do it with bitcoin for cents.

[PolarPoint]

Visa admits bitcoin has a future because they are not threatened bitcoin. Bitcoin can move value really fast, it is weak in brick and mortar stores. Visa knows that. Bitcoin cannot take on credit cards on the streets. While they are supportive of bitcoin, why do we not see more bitcoin visa debit cards, only master debit cards?

The executive said he is also deeply interested in the underlying technology behind bitcoin and suggested it could be used to streamline the payments process when implemented by incumbents, such as Visa.

They run a global network and their database must be enormous and have a hard time replicating database. Visa is going to benefit from blockchain technology. It is ironic that Satoshi invented the bitcoin to combat the banking system and now blockchain helps them