BitPay, Coinbase or others: Can anybody replace Visa?

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BitPay, Coinbase or others: Can anybody replace Visa?


On the 1st of June, 2018, Visa announced that the Visa cards would not be available for payment purposes in the UK as well as Europe.

Visa is clearly known as the most used payment mode and when it went down, the discussions were once again opened regarding the path towards decentralized networks.

Even though Visa was disrupted just for few hours, yet it had affected quite a lot of people. This is mainly because Visa processes 150 million transactions on a daily bases.

This slight disrupt created a major fear and hence gave way for various questions supporting the use of decentralised cryptocurrencies for storing, paying, managing, and providing tools for businesses instead of Visa or MasterCard. Another supporting factor for cryptocurrencies, is the low or no transaction fees, compared to Visa’s 3%.

Here are few of the options which could replace Visa or MasterCard –

BitPay 

  • It was founded in May 2011, whose CEO is Tony Gallippi along with Stephen Pair. It has its headquarters in the United States.
  • First to work with Bitcoin.
  • Creates safe, fast and cheap transaction processes.
  • Crypto equivalent to Apple Pay.
  • Processing fees = 1.9%.
  • Minimum transaction amount is currently $5.

 

Coinbase

  • It was founded in February 2012, whose CEO is Brain Armstrong. It also has its headquarters in the United States of America.
  • One of the big players.
  • Consists of Coinbase Exchange, acceptance of payment by merchants in digital currency, funds credited directly to user’s wallet.
  • The user has a complete control of his / her account.
  • Its Commerce plugin requires just a phone number and email-id, making it almost like the payment system called PayPal.
  • Allows payments to take place from Bitcoin, BitcoinCash, Litecoin and Ethereum.
  • Conversation rate for funds is 1% with no processing fee.

GoCoin

  •  It was founded in the year 2013, whose CEO is Steve Beauregard. It has its headquarters in Singapore.
  • Allows payments from BTC, DASH, LTC and BCH.
  • The processing fee is just 1% which turns out to be 0 if the transaction is greater than $2,500/month.
  • Digital currency can be USD, EUR and GBP.
  • Till date, it has 500 million transactions.

 

CoinPayments

  • It was founded in August 2013, whose CEO is Alex Alexandrov. It has its headquarters in Canada.
  • First multi-coin payment processor for over 535 cryptocurrencies.
  • Almost 16 different categories of various goods.
  • Famous PaybyName feature.
  • Processing fee = 0.5%

There are many more including Coinsbank (founded in 2016 by Vitaliy Andrusevich) with 0.5% processing fee and GoByte (founded in 2017 by Hisyam Nasir) with no processing fee.

Visa is indeed safe, reliable, easy and quick to use. So the options for it to be replaced could be minimal but the solutions could drastically grow in the future and many disadvantages like transaction fee or no QR code scan, etc. could, in fact, give way for cryptocurrencies to rise.

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