Marc O’Brien, former chief executive of Visa UK and Ireland, recently said in an interview with Business Insider that he is currently the chief executive of a cryptocurrency startup and is committed to improving the daily payment function of cryptocurrencies and increasing market penetration. rate.

Marc O’Brien, who served as the Visa UK regional CEO from 2008 to 2014, said that his current team is trying to increase the legitimacy of Bitcoin, Ethereum and other cryptocurrencies as payment methods in daily life:

We believe that using cryptocurrency to pay in everyday life is quite difficult. At present, the payment process for realizing digital currency to bank accounts takes 3–7 days. What our company needs to do is to seamlessly integrate the entire process and provide currency users with daily payment opportunities.

The start-up company is currently trying to leverage Marc O’Brien’s experience in the traditional financial industry and his contacts in credit card services to establish a strategic partnership with Visa or MasterCard to issue cryptocurrency debit cards.

Some companies had previously issued cryptocurrency debit cards through banks that partnered with Visa. However, after the reorganization of Visa in 2017, they all withdrew from the market. At that time, Visa emphasized that the reason for the rectification was that these cryptocurrency debit cards were issued without permission from Visa and privately through third-party service providers.

Therefore, there is a possibility that if you can directly cooperate with Visa or MasterCard, you can release the official cryptocurrency debit card in the future. Marc O’Brien said:

We envisage binding a cryptocurrency debit card with a wallet. Each time we spend, we will receive a transaction request in the system and then check Bitcoin or Ethereum accounts. As long as the balance is sufficient, we will approve and execute this transaction. Therefore, the cryptocurrency payment in the store can be completed in a flash.

Author: Marko Vidrih

@cryptomarks

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