The Credit Card Giants Try To Colonize Cryptocurrencies, Nfts, And Metaverse
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- Tiziano BaldiGalleni
- November 4, 2022
- 9:45 am
The latest in chronological order was Visa. It has filed two trademark applications for digital wallets, Nfts, and Metaverse. They were presented to the USPTO(United States Patent and Trademark Office).
The request follows that of other large credit card companies, such as American Express.
The latter has submitted a trademark application for its “Express Treasury” system which involves the use of cryptocurrencies such as Bitcoin.
These passages show how the big companies in the sector are starting to take an interest in the world of cryptocurrencies, integrating them more and more into their offer of services.
According to some sources, credit cards with cryptocurrency-enabled digital wallets may be available within a short time.
This could further increase the adoption of cryptocurrencies, bringing them ever closer to everyday life and making them a valid tool for buying goods and services.
With more cryptocurrencies available in the market, these cards could be used to choose from a wide range of options.
But all of this represents a challenge for them too. There is uncertainty that they are able to play the masters even in this new digital world.
THE CASE OF VISA
According to a statement by the company – which is based in Foster City, California – some of the possible uses of these technologies could be these:
– “The management of digital transactions; the use of the digital currency wallet and archiving services; use as a cryptocurrency wallet. The management and verification of cryptocurrency transactions through blockchain technology.”
– While the other request is for” the temporary use of software to access, view, monitor, store, manage, send, trade, and receive digital currencies, blockchain, and NFTs.”
There are also other intentions:
– “Virtual spaces that allow users to interact for leisure, recreational, or entertainment purposes in the virtual world” and “a collectible series of NFTs.”
What they are doing is normal. It has already been done with the New York Stock Exchange and American Express, which took care of these operations not long ago.
After many speeches and much criticism (especially of Bitcoin) caused by the crash of digital currencies. Today they are realizing that they must be present in that reality.
They don’t want to miss out on a large slice of the market that is emigrating to that type of economy and currency. Even cryptocurrencies are not real currencies.
Unlike the euro, dollar or franc, their value is a relationship with other currencies.
Mind the value of every single currency is an absolute value ranging from 0 to 100, 1000, 10000, and so on going up in theory to infinity. It’s more like the behavior of a stock of a publicly traded company.
Beyond this deviation, it is clear that they are the future. Visa like others doesn’t want to be left behind.
A few days ago a company representative wrote in an email to CoinDesk:
– “At Visa, we are constantly studying technologies to develop innovative payment methods and wider financial inclusion.”
Very clear speech.
A LITTLE HISTORY ABOUT VISA
The Visa brand was founded in 1958 to serve as a financial services provider to an organization called BankAmericard.
The latter was born as a joint venture between some California banking institutions and the Bank of America, which started the credit card program in 1956.
In 1976, the brand became independent from Bank of America and was renamed Visa International. Service Association.
In 2007, Visa Inc. went public and today has more than 20 million members and issues over 3 billion cards. It is active in more than 200 countries and regions around the world.
Visa is the largest retail payment company globally, with a market share of 42% in 2018, followed by rival Mastercard (around 32%). American Express is third with around 8%. These three providers account for over 80% of the overall market share for global retail payments.
Now there will likely be a new rival to consider: the world of crypto. Not only Visa but also Mastercard, have recently communicated their intentions to expand their business in the cryptocurrency sector.
Mastercard CEO Ajay Banga told Bloomberg in March 2021 that “I have faith in the implementation of the blockchain” and that they are considering how to integrate more digital currencies into their network.
With the rise in the popularity of cryptocurrencies, it seems that big payment companies are also taking notice and want to be part of the action. Only time will tell how this scenario evolves.
But one thing is certain: the world is becoming more and more digital, and blockchain technology is playing an increasingly important role in that transformation.
SURVEY ON A DIGITAL OR IMPOSSIBLE COURSE?
What do I mean?
Will Visa and other retail financial service providers also be masters in the Metaverse and crypto?
Or will they be swept away by this revolution by failing to renew themselves?
I fear the second hypothesis more. This is what Facebook is showing us.
Mark Zuckerberg as King of social networks risks becoming the hole in the water of the Metaverse.
This is because he was born as a social network company, and the public as such perceives it this way. This is its strong identity.
Being able to create such a powerful metamorphosis, with two very different realities (albeit always digital and online) is really a very difficult make-up operation.
There will be a time when even Visa and American Express won’t be able to.
Crypto, on the other hand, was created precisely for this purpose: to be an alternative digital currency to the banking system. Their audience, the early adopters, already firmly believes in this concept.
They will be the real winners of the future. But it will certainly be interesting to observe the transition that will take place and how Visa & Co will manage to navigate this new reality.
WHO COULD REPLACE VISA & CO IN THE FUTURE OF CRYPTOS?
Will it simply provide exchange services? Or will other companies own Wallets?
Will new unknown players be able to hit the mark?
Only time will tell. One thing is sure: the world is becoming more digital. Cryptocurrencies will play an increasingly important role in this transformation.
These are truly unknown questions. The plastic credit card with the chip will probably no longer exist. We will only have our mobile phones with a wallet app to make payments.
This will increasingly be managed in a decentralized and peer-to-peer manner, without intermediaries such as banks or credit card providers.
Another fantasy that goes through my head is the chip that we can install under the skin. Something similar to what Neuralink is working on.
This sector may be in the hands of those who invent the next technology that supports it in a much smarter and safer way.
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