Bitcoin can't help bank the unbanked claims Mastercard CEO

Bitcoin can't help bank the unbanked claims Mastercard CEO

The CEO of Mastercard believes Bitcoin is too volatile and opaque to drive financial inclusion, however, CBDCs are a different story. Bitcoin cannot function as an inclusive currency for the unbanked due to its volatility, Mastercard CEO Ajay Banga said during Tuesday’s Fortune Global Forum conference. He also cited a lack of knowledge about who is behind the cryptocurrency as concerning.“I am not a believer in the volatility or, for that matter, the absence of transparency in who is the person who’s involved with that currency. So, that’s why central bank digital currencies, we’re....


Related News

MasterCard Introduces Fast Bitcoin-like Global Payments to Consumers

MasterCard has launched MasterCard Send, a personal payments service that enables funds to be sent quickly and securely to consumers domestically and internationally. Now live for users in the United States, MasterCard Send permits sending secure real-time payments to consumers, both banked and unbanked. The recipients get the funds immediately on their MasterCard or other cards, into mobile money and bank accounts or via cash agent outlets. "This unique platform will enable disbursements and person-to-person (P2P) payments to and from virtually any U. S. debit card account, including....

MasterCard: Digital Currency's Risks Outweigh the Benefits

The risks presented by digital currencies far outweigh the benefits, MasterCard has claimed. The global payment processor made these comments in its submission to the UK Treasury's call for information on digital currencies last November. According to the four-page submission, obtained by CoinDesk via a freedom of information request, MasterCard doesn't believe digital currency has many, if any, strong benefits. It attacks claims of digital currency's low transaction costs, low payment processing time and strong system safety. The document reads: "We would argue that, when compared to....

Weekend Roundup: MasterCard Deploys 'P2P' Payments Service in the US, Bloomberg Issues Bitcoin Report

MasterCard has announced its so-called peer-to-peer debit-card-based remittance service, dubbed MasterCard Send. The system, which is being deployed first in the U.S., is designed to allow transactions between “banked and unbanked consumers,” including international and domestic payments at a near-instant speed, rather than the several days required with the traditional bank clearing system. Crypto Coins Exchange Denmark ApS (CCEDK), a Danish virtual currency bourse (a European stock exchange), has announced a launch of its "next-generation" payment card, a MasterCard-backed bitcoin debit....

MasterCard Expresses Doubts over Bitcoin's Long Term Viability

Global remittance company MasterCard criticized Bitcoin for presenting risks and lacking benefits. The comments came in a 4-page letter that was written in response to the UK government's Call for Information on digital currencies. It questioned digital currency companies over their claims to provide lower transaction costs, saying that their promises will falter soon upon facing additional cost requirements to comply with certain consumer protection and anti-money laundering laws. The letter said something similar about the digital currency system's low payment processing time and....

The Unbanked, Explained

1. Who are the unbanked? Unbanked, as defined by the Federal Deposit Insurance Corporation (FDIC), are adults who don’t have an account at a formal financial institution, such as a bank. They are thus unable to access formal financial services such as credit, deposit accounts and money transfers and have to rely on informal providers of financial services, i.e. mostly friends and family. 2. How many unbanked people are there in the world? According to recent reports, there are over two bln adults - more than a third of the total world population - who don’t have any access to formal....