Indian billionaire Chamath Palihapitiya, who served as Facebook’s director from 2007 to 2011, predicts something almost unlikely for the next year: The fall of the Visa and Mastercard, which is the largest payment processor in the financial sector. The culprits, he says, will be new crypto-related projects.
He said in an interview with: “The biggest losers from a commercial point of view in 2022 will be Visa and MasterCard.” All in podcast This Wednesday (29). For Shama, who currently manages a social venture capital fund, these payment systems, while still popular, represent a “needless double monopoly.”
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Be aware of these companies and crypto projects for Web3* They are rebuilding the payments infrastructure in a fully decentralized manner.
* Web3 is also known as Web 3.0, an idea for a new version of the World Wide Web, which includes blockchain-based technologies (the link that will connect Web3 to crypto enthusiasts).
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Amazon has banned the use of Visa cards in the UK
Palihapitya reveals that he also based his opinion on a recent decision made by Amazon. The retail giant in November banned the use of Visa-branded credit cards in the UK due to high transaction fees. “Amazon doesn’t do such a thing, in my opinion, unless it’s a test of what they can do around the world,” he commented.
In the end, he also indicated that the first drivers for the adoption of these technologies will be developing countries. “It is more interesting to focus on markets like Nigeria than to talk about Western European countries. This is where everything will happen.nayira“.
As a context, both Visa and Mastercard delivered flat performance in 2021, with their share prices practically stable year-to-date.
Main image: Karolis Kavolelis / Shutterstock
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Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
