By
Mayowa Adebajo
February 23rd, 2024
Bitpay’s CTO, Stephen Pair, was recently interviewed by CNBC, where he claims credit card providers like MasterCard and Visa will play a role in bitcoin’s success.
Bitpay, US-based bitcoin merchant processor is experiencing direct competition from major credit card providers. As a matter of fact the company expects these rivals to begin using bitcoin.
Stephen Pair, the CTO of Bitpay recently discussed with CNBC in an interview his company’s future regarding the payment processes.
Mr. Pair mentioned that the technology of such companies as Visa and MasterCard is outdated, that’s why it is obvious that these corporations will soon accept digital currency: “When we were first contemplating this business, we looked at what it would take to solve the payment fraud problem with credit cards, which were designed in the 1950s. Our conclusion was that you would end up reinventing bitcoin”.
Consumer adoption
Stephen Pair mentioned during the interview that BitPay believes the giants of the payments industry will implement bitcoin, saying: “That gave us a lot of confidence going forward that, if and when MasterCard and Visa get into the space, that they would actually leverage the bitcoin technology rather than directly compete with it.”
However, there is always a problem with a low consumer adoption that might happen.
This issue can refer to poor public perception and banking issues as well as a lack of easy ways to get started with bitcoin. Credit card companies could try to make using bitcoin easier, however BitPay, Coinbase and Circle may do it first.
The next big thing
BitPay has been able to score a number of major brands that now use bitcoin as its payment system. The exaples of major brands that are willing to accept digital currency (bitcoin)- WordPress and TigerDirect, major online retailer.
Pair pointed out that there would be more companies to accept bitcoin payments, and said major organizations consider the benefits of digital currencies for their consumers.
Moreover, he said that major companies are always thinking a few years ahead and consider what the next big thing will be.
The CTO of Bitpay assumes that acceptance of bitcoin could come much faster than most of us think: “I think [bitcoin will arrive] a lot sooner than people imagine today. I think many of them are looking at it already.”