VISA bows out of race for faster payments, Ripple is already miles ahead

01 Jun, 2019
by Joeri Cant
VISA bows out of race for faster payments, Ripple is already miles ahead

The CEO of the American multinational financial services corporation, VISA, Al Kelly, said that he isn't convinced that customers really need their funds that much faster.

According to Bloomberg, Visa’s Chief Executive Officer, Al Kelly, said at a recent investor conference held in New York, that he doesn't see the need for faster payment transfers.

'I’m not convinced that these are going to take off like crazy', Kelly said. 'Does the consumer really need the funds that much faster?'

'Some of these systems are not as reliable, not as robust and very unfortunately don’t have the same protections. If I now have a dispute with you over it and there needs to be some element of charge-back, how’s that going to work? With great difficulty', he continued.

The CEO's recent statements are somewhat surprising as the financial services company spent $250 million at the end of December 2018, to acquire the British payments firm, Earthport, which has an established partnership with Ripple.

Earthport was originally founded in 1997 as a cross border payment institution. However more recently they decided to bring in Ripple's tech in order to bring their systems into the crypto age.

As the speciality of Earthport lays in facilitating cross-border transactions for financial institutions, it was assumed that Visa acuired the company to enhance its own cross-border payments services.

However, according to finance reporter at Bloomberg News, Jenny Surane, the Visa’s CEO doesn't seem to be buying into the hype around faster payments, 'even though some of its biggest banking partners continue to push the technology here in the U.S.'

As Ripple is seen to be already miles ahead in providing faster and cheaper payments across borders, it comes as no surprise that crypto Twitter took notice of the Visa CEO's sentiments, and went as far as claiming that this might be 'the start of Visa’s end'.

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