Visa CEO: We won't process transactions in bitcoin, it's not a payment system

[alyssa85]

https://www.cnbc.com/2018/01/17/visa-will-not-process-bitcoin-transactions-says-ceo-alfred-kelly.html

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."

[1715196299]

1715196299

[1715196299]

1715196299

[1715196299]

1715196299

[1715196299]

1715196299

[djukica666]

give it time. he'll be back crawling and begging to be allowed to use his service for crypto...

[drakegon]

https://www.cnbc.com/2018/01/17/visa-will-not-process-bitcoin-transactions-says-ceo-alfred-kelly.html

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."

I hate this kind of news! I think the banks and anything related to banks is going against Bitcoin and Cryptocurrencies. There will be "WAR" that's for sure.

[tam31]

give it time. he'll be back crawling and begging to be allowed to use his service for crypto...

Haha. They will accept it in time because now more people are joining crypto so it gets bigger every day. If they don't want to accept Bitcoin they can look to other coins.

Crypto is the future and it will be more spread around the world and everyone will at least heard it.

[hashshashin]

give it time. he'll be back crawling and begging to be allowed to use his service for crypto...

Maybe it will be that he will change his mind, but so far this is not the best news, which can also affect the mood of people and the cost of bitcoin.

[djukica666]

I don't understand what did people expect  ?
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)

[Shishir99]

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.

[patt0]

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.

[tuskacz]

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  ?
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.

[gentlemand]

Seems fair enough to me. I wouldn't expect Delta or Etihad to start running my local bus service either.

[emuLOAD]

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.

[lipatti]

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.

[emuLOAD]

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.

[btc.fanda]

give some time

[AmericanBit]

All this announcements make more panic in society.

[lipatti]

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..

[stompix]

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.

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

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!!!!

[bitfocus]

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.

[talkbitcoin]

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."

[Tonygold1967]

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?