Do You Know What Visa Actually Does? I mean, besides charge exorbitant interest rates keeping you in debt and still trying to pay off that 27 inch TV you bought back in 1992?
Find out all about Visa's soon to be obsolete centralized network in this video.
Of course, they recently started a trial program doing settlements via Ethereum. A sign of the times. They will have to adapt to disruption or die like the rest.
Makes me wonder how much credit card interest rates will fall as DeFi takes over, and how much of the billions they earn in interest will be absorbed into crypto prices.
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Visa charges high fees to merchants and gives out a small cashback bonus on purchases.
The funny thing is that people are so addicted to their cashback bonus that they will not use cash or less costly forms of payments for purchases.
Hopefully they will go away some day.
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Hmm, imagine a crypto debit card with 15% staking APR. Just call it a cash back bonus because that's what people are familiar with.
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The problem is the high fees that Visa charges merchants. Crypto will be repeating the trap the Visa created for consumers if crypto repeats the gimmick of selling high transaction fees by giving select consumers a kickback on purchases.
The kickbacks create a false economy. Visa forces merchants to raise prices for cash consumers because of the artificially high transaction fees.
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