Financial services networks wield great power across the planet but they are also peppered with points of vulnerability and tend to exclude many people who don’t have access to bank accounts. The complete circumvention of these factors is what makes the Bitcoin network so interesting and unique.
MasterCard has been doing its best to address issues like financial inclusion with lots of innovation in places like Africa. And of course like all card providers, it is engaged in a running battle to keep fraud on the network to a minimum.
IBTimes asked Ann Cairns, president of international markets for MasterCard for her views about the vision of seamless, global financial integrity promised by a system like Bitcoin.
She said: “Bitcoin in its current incarnation is slow in the sense of being able to do a transaction and have it properly authenticated, which can take quite a few minutes.
“It doesn’t really work in today’s fast paced shopping environment; even more so in train stations and so on when you have got millions of people trying to go through turn-styles – there you need real time, instantaneous authentication and delivery.
Cairns said digital currency will certainly be part of the ecosystem. “I mean you already have