[2018-01-19] Visa CEO: We Won’t Accept Bitcoin Directly

[Terraformer]

Visa will not directly accept bitcoin, according to company CEO Alfred Kelly in a recent CNBC interview during the National Retail Federation trade show in New York City.

“We at Visa won’t process transactions that are cryptocurrency-based,” he said. “We will only process fiat currency-based transactions.”

Kelly pointed to the problem posed by a currency like bitcoin with rapidly fluctuating value. “People want a fair exchange of value when they’re buying something, so if it costs $100, I want to pay $100,” he said.

If you are paying for something that is “bouncing around at the level bitcoin’s bouncing around, and think about ‘buy ahead’ kinds of transactions” – such as an airline ticket or a car – “If you’re using bitcoin, when is it valued?” he asked – when you buy it, when you use it?

Kelly said he currently views bitcoin as a speculative commodity as opposed to a method of payment.

A Commodity, Not A Payment System

“I don’t view it as payment system player,” he said.”My take is that bitcoin is much more today a commodity that somebody could invest in; and honestly, somewhat of a speculative commodity that people can invest in.”

Depending on when a person invested in bitcoin in the last three months of the currency’s intense volatility, someone could have earned a lot of money, he said.

One CNBC anchor pointed out that Visa does have a bitcoin payment card through BitPay.

Visa Terminates Bitcoin Credit Cards

However, Visa, recently terminated its partnership with Wave Crest, a Gibraltar-based digital payment processing company, effectively disabling bitcoin and cryptocurrency debit cards.

All of the bitcoin and cryptocurrency debit card service providers including TenX, Xapo, Coins.ph, Bitwala, BitPay and CryptoPay have been affected by the crackdown of Visa on Wave Crest. Cryptocurrency debit card service providers have been relying on Wave Crest and its Visa partnership to process cryptocurrency payments.

In 2016, BitPay introduced its bitcoin Visa debit card that enabled users to make payments at any Visa point-of-sale (POS) terminals and withdraw cash at Visa ATMs, anywhere across the United States.

The CNBC anchors said that Kelly’s input was one of the more direct answers they’ve gotten about bitcoin’s role in the mainstream economy.

https://www.ccn.com/visa-ceo-we-wont-accept-bitcoin-directly/

[1Referee]

Visa can talk as much as it wants, but if Bitcoin actually starts snooping from its market share at whatever point in time, they will definitely lower their tone and jump into Bitcoin. Visa is nothing more than a muppet being controlled by its share holders, and if they believe it's time to take a dive into the Bitcoin waters, Visa definitely will. Crypto in its entirety is a new asset class that will be worth trillions and trillions, where I even believe that it will surpass Gold's market cap. If one of their competitors makes the first move to incorporate Bitcoin, others will follow. It's just a matter of time - resistance is pointless. The more of these centralized giants start utilizing Bitcoin, the more use Bitcoin will enjoy, which will contribute to more growth than ever before.

[Slow death]

Visa will not directly accept bitcoin, according to company CEO Alfred Kelly in a recent CNBC interview during the National Retail Federation trade show in New York City.

“We at Visa won’t process transactions that are cryptocurrency-based,” he said. “We will only process fiat currency-based transactions.”

Kelly pointed to the problem posed by a currency like bitcoin with rapidly fluctuating value. “People want a fair exchange of value when they’re buying something, so if it costs $100, I want to pay $100,” he said.

If you are paying for something that is “bouncing around at the level bitcoin’s bouncing around, and think about ‘buy ahead’ kinds of transactions” – such as an airline ticket or a car – “If you’re using bitcoin, when is it valued?” he asked – when you buy it, when you use it?

he used very strange arguments, if someone wants to pay for something using bitcoin this person will be able to pay without problems, as the Japanese and thousands of people who use bitcoin do their shopping? obviously the same way they always did, those of the visa can not use this argument to prohibit people from using their service .. it was a low blow that the visa did and to make it worse it seems that they were guessing that I was going to ask for their card , now only have few options and are very expensive options