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Payment system VISA and blockchain

03/19/2019
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Since the advent of cryptocurrency and blockchain, global payment operator Visa has been very wary of this innovation. The case did not reach an obvious confrontation, but the company strongly discouraged the use of digital technology. However, the situation changed, and the Visa Crypto Team was created. And it became known about it only due to chance.

VISA secret swam out

The payment system operator has never announced the creation of its cryptocurrency unit. Therefore, when the next job posting appeared on jobs.smartrecruiters.com, it became a worldwide sensation. It turned out that the Visa Crypto Team needed a manager. Judging by the content of the job, there are trying to find a project organizer. He must:

  • understand innovative technologies;
  • have contacts in the cryptocurrency ecosystem;
  • understand the principles of open source.

In addition, the applicant is desirable knowledge of cryptography. It seems that the company is trying to find a leader and coordinator for the new direction. The person will work in the California city of Palo Alto, which is the centre of the well-known "Silicon Valley".

Moreover, this information is not commented on by official representatives of VISA. Here they prefer to remain silent and stick to a detached position.

Payment systems and blockchain

In fact, blockchain technology itself is a competitor for all payment systems. Currently, it can not be compared in speed or power consumption, but the developers very quickly optimize the algorithms of calculations. So, after the implementation of the project Ethereum 2.0, the number of operations in the network will increase by 100 times, to 14,000 per second. And if before traditional companies could ignore the process, now they just have to do something.

Back in December 2018, VISA acquired British payment operator Earthport Plc. The purchase cost $ 250 million. An important nuance is that Earthport is the official partner of Ripple.

The closest competitor to VISA is now Ripple Labs, which already has a business relationship with many credit institutions. The head of Ripple, Brad Garlinghouse, said that now more than a hundred banks have entered into an agreement for the provision of various services.

The history of the confrontation of the two systems

As early as 2018, the financial director of VIsa stated that cryptocurrency is rubbish. Then all the deals with them were taken to high-risk ones, which gives the right to demand a refund within one and a half years. And in addition to this, they introduced a commission for some transactions when buying cryptocurrency.

Starting from February 2018, the purchase of cryptocurrency on a plastic card can lead to a write-off of an additional commission of 5%. Therefore, many financial institutions and cryptobirds do not accept transfers through this method of payment.

But the company is not doing well either. When the transit account code (MCC) was changed here, some customers were victims of the procedure for re-debiting funds. Although they denied their guilt in VISA, they returned the money. Judging by the fact that the Visa Crypto Team division appeared, the company decided to change its attitude towards cryptocurrency.

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