Major credit card companies exploring uses of Bitcoin

FinTech | July 7, 2015 By:

American Express, MasterCard and Visa are exploring uses of Bitcoin and the blockchain technology.

“We are not currently working actively on any bitcoin-based solutions, but we watch the cryptocurrency market closely,” said Andrew Buckley, head of MasterCard products for Europe.

“The distributed ledger is really useful for peer-to-peer transfers,” said Neal Sample, president of Enterprise Growth at American Express.

“There are two elements here: the blockchain technology itself, which is very interesting for transactions, then there is bitcoin the currency,” said Jonathan Vaux, executive director of innovation partnerships at Visa Europe.

They can see the threat from blockchain fintech, and are considering ways to integrate selected aspects into their own operations.