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Chuck Reynolds
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Chuck Reynolds   My Press Releases

Embrace Digital Currency?

Published on 7/15/2017
For additional information  Click Here

Visa:
‘No One Embraces Digital Currency Benefits More Than Us’

    

A senior Visa executive has said “no one” is more receptive of digital currency’s “benefits”

than the international payment platform. In an interview with Huffington Post, head of global Merchant sales and solutions Jack Forestell said Visa’s mobile products for the developing world - specifically mVisa - were “opening doors” for unbanked citizens. “This type of digital solution has helped open doors for people who were previously off-the-grid or unbanked, which in turn has created entrepreneurial opportunities and reduce friction in how people pay and get paid,” he said.

Entry into Blockchain

When asked about Visa’s approach to cashless societies, Forestell said “customer demand” formed the basis of the company’s roadmap.

“We are creating incentives for merchants to remain competitively connected to their consumers and grow with their consumers. As the world’s largest payments technology company, no one embraces the benefits of digital currency more than we do.”

While Visa is traditionally thought of as the major competitor to the Bitcoin-based inclusive economy, the payments giant has accelerated its entry into Blockchain adoption this year. Last month, job advertisements began surfacing specifically targeting Blockchain engineers with experience in so-called distributed ledger technology - the preferred term for permissioned Blockchains which run under centralized control.

In the race to serve the billions of people shut out of the traditional banking system, Blockchain startups using cryptocurrency - principally Bitcoin - have been at work creating a market for several years. BitPesa, which operates money transfer services in Kenya and internationally, earlier this month made the top spot in a list of top 50 Blockchain startups from CEX.io.

Bitcoin Merchant Shunning Is ‘Striking’: Overstock’s Medici President
    

It is “crazy” more retailers are not already accepting Bitcoin

Overstock investment CEO Jonathan Johnson has said it is “crazy” more retailers are not already accepting Bitcoin. Speaking to Business Insider Friday, Johnson, who is president of Overstock subsidiary Medici Ventures, also confirmed the Internet giant retains 50 percent of Bitcoin payments in the virtual currency. “The disparity between virtually no merchant acceptance and Bitcoin’s rapid appreciation is striking,"

he told the publication.

“...I don't know why a CEO wouldn't want to make it easier for folks to spend money.”

Overstock was one of the first global corporations to add Bitcoin as a form of payment several years ago, Johnson playing a major role in the initiative. Since then, prices have soared, and consumer uptake has increased throughout the world’s markets. Despite current upheaval and price volatility, the momentum behind making Bitcoin payment more attractive to the average consumer is still palpable, especially in markets like Japan. "It's actually cheaper for us to complete a Bitcoin transaction than it is to complete a credit card,” Johnson added despite recent prohibitively high Bitcoin transaction fees only returning to normal in the past two weeks. Current downward selling pressure on Bitcoin and the upcoming hard fork possibility meanwhile may temporarily suppress appetite for spending, this nonetheless is broadly considered a temporary phenomenon.

Chuck Reynolds


Marketing Dept
Contributor

Please click either Link to Learn more about -Bitcoin.

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