JP Morgan e-commerce head doesn't believe in certain crypto for payment solution

21 Mar, 2019 | Updated: 21 Mar, 2019
by Fifi Arisandi
JP Morgan e-commerce head doesn't believe in certain crypto for payment solution

JP Morgan global head of e-commerce solutions, Ron Karpovich said in an interview that he doesn’t believe that a specific cryptocurrency will be the ultimate payment solution. 

Speaking to CNBC’s Squawk Box about the utilization of blockchain for money transfers and payments, JP Morgan’s global head of e-commerce solutions, Ron Karpovich expressed his belief that blockchain will be the ultimate solution.

His answer, however, also implied his unbelief that a specific cryptocurrency will disrupt the payment solutions, ignoring the achievement of several cryptos, such as Stellar (XLM) and XRP.

Read more: 4 questions (and answers) about World Wire and the rise of Stellar's XLM

“I think ultimately you will find that the technology behind the scenes will be blockchain. I don’t know that you’ll notice anything as a consumer in that space. I think you’ll still continue to use your payment type that you prefer, be that a wallet, be that a card, be that your bank account,” said Karpovich as quoted by Toshitimes.

He went on explaining how his version of disruption will happen, “There’s more partnership instead of competition in that space. When it comes to margins and capabilities, payment is never something that grows in margin. Nobody wants to pay for a payment.”

Moving on, when asked about JP Morgan’s CEO, Jamie Dimon current stance towards crypto after the launch of JPM Coin, he gave a diplomatic answer, “I think there’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous versus using the technology to enhance your payments infrastructure. We look at the technology as being a means of doing things faster and cheaper. Every CEO would like to make things faster and cheaper.”

Regardless of the CEO’s stance and Karpovich’s diplomatic answers, the public is eagerly waiting on how the JPM Coin will turn out.

Stay with Chepicap to find out.

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