The major credit card companies – American Express, MasterCard and Visa – are exploring uses of Bitcoin and the blockchain technology, International Business Times reports. They can see the threat from blockchain fintech, and are considering ways to integrate selected aspects into their own operations.
“We are not currently working actively on any bitcoin-based solutions, but we watch the cryptocurrency market closely,” said Andrew Buckley, head of MasterCard products for Europe. “We find them interesting from a technology perspective, but currently don’t see them as a viable solution for mainstream commerce.”
“Our focus is on these hundreds of millions of people with a bit of plastic in their wallets,” he added. “How do we get them into this new digital world? Once we have sorted that out, and the two billion people that haven’t got a card, then we may start worrying about other things.”
Recently, MasterCard replied to the U.K. government call for information with a put-down of bitcoin and other digital currencies. MasterCard claimed that digital currency transaction costs are lower than credit cards only because providers of digital currency services do not bear any compliance costs, and that,