Financial Giants Dive into the Crypto Space: Visa, Mastercard, and America | Discussion Bucks

Financial Giants Dive into the Crypto Space: Visa, Mastercard, and America

Joshua Farrell

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Visa, Mastercard, and American Express are all exploring the use of blockchain technology and cryptocurrency in their payment systems.

- Visa is exploring the use of blockchain technology to process recurring payments using smart contracts on the Ethereum network.
- Mastercard has announced a new platform called Artist Accelerator, which will allow musicians to grow their brand and increase fan engagement in the Web3 space.
- American Express is exploring the use of blockchain technology to improve security and efficiency in their payment systems.

These developments show that major financial institutions and corporations are increasingly adopting blockchain technology and cryptocurrency. This is a positive sign for the future of crypto and its potential to become more mainstream. It's worth noting that these developments are just a small sample of the progress being made in the crypto space, and in the future, many customers may not even know they are using blockchain technology.

Will Visa customers care that the company is using blockchain to improve efficiency? No. They’ll be happy with lower transaction fees while continuing to use their cards.

Will musicians even realize they’re using blockchain technology on Mastercard’s Artist Accelerator platform? No. They’ll be grateful if it increases their fanbases.

Customers don’t care how the tech works. They just want better products at cheaper prices. And that’s what blockchain will offer.
 
I must say that this is quite an uncharted territory for the mentioned US payment processors. The crypto world is characterized by sophisticated scam and frauds that are bound to infiltrate Visa, American Express, and Mastercard, should they effect their plans to begin processing crypto payments.

I sure hope these processors have thoroughly considered this challenge and put in place robust mitigation measures.