These firms, along with MasterCard, also offer bank cards that allow users to spend crypto balances using their branded cards and services.
Some even offer cash-back or crypto-back awards to cardholders. Also see Gartner research: What You Need to Know About Blockchain DeFi Welcome, but Hardly a revolution; Skepticism These card and payment company offerings certainly increase the technical rails between consumers, businesses and blockchains, and help prepare the transition to future payment infrastructure.
But the offerings come from centralized financial companies who earn revenues today by charging transaction fees for centralized clearing, settlement, and payment services.
Companies we speak to are justifiably skeptical of these services. After all, the revolution of blockchain payments is bitcoin trading paypal they execute peer-to-peer and eliminate central intermediaries and associated bank fees.
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Potential users are left to wonder if, in the future, they will have to pay these centralized services additional transaction fees for moving cryptocurrency across peer-to-peer blockchain networks, defeating the promise of blockchain.
Low cost on-chain payments using stablecoins pegged to fiat currency Easily accessible applications for executing stablecoin payments Lower payment acceptance fees than exist today in the card networks Transparent real time stablecoin payments and settlements on blockchain, tied to underlying information supporting the payment Card brand and bank protections for bitcoin trading paypal funds sitting off chain in partner bank bitcoin trading paypal.
In this scenario, the card brand or alternative payment company would issue such a stablecoin customers could use for transacting on blockchains. Stablecoin payments would be tied to the underlying records, e.
The card brands would provide the on and off ramps for payors and payees, adding functionality to the ramps already in place have today, but would not be involved in the actual payment that would occur on the blockchain. Both the issuing and acquiring side would take advantage of current card brand services e. The card brands could still earn revenues from on and off ramp value-added services, and from interest on the reserves underlying the stablecoins.
Bottom Line The recent Visa announcement that they will support cryptocurrency Bitcoin buying and trading on their network is welcome in the industry. This is bitcoin trading paypal value proposition the card brands and their alternatives e.
Further down the road, the card brands and their alternatives could support other DeFi capabilities, beyond payments, for example stablecoin credit systems. Technology is not the obstacle here.
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Business models are. The question remains: will these centralized financial services companies go forward in line with the spirit of blockchain peer to peer payments at the risk of cannibalizing their existing central-clearing house based-revenue streams? The answer will depend on whether or not these firms have any practical choice.
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