The issue of transition to decentralised payment networks was raised again last week. On June 1, Visa, which usually processes more than 150 mln transactions daily, suddenly failed[1]. Millions of people in the UK and Europe were unable to pay for goods or services, and Visa payments were also disrupted for US residents.
Current queues at Tesco cash machines in MK. Suspect this is a common scene across the U.K. right now 😬 #visadown pic.twitter.com/YunwFA8lYz[2][3]
— David Pride (@davejavupride)
Several hours later[5], the problem was solved, but the mere fact of widespread failure indicated the need for decentralized and stable alternative systems, where such incidents are simply impossible.
Below we present an overview of several pioneers, which have chances for becoming similar to a ‘crypto’ Visa or MasterCard. They don’t just offer a comprehensive solution for storing, paying or managing cryptocurrency, but also provide full-fledged tools for businesses. Even more important – transaction fees are three times lower or even non-existent compared to Visa’s 3 percent.
BitPay
CEO: Tony Gallippi
Founded: 2011
HQ: US
Founded by Tony Gallippi and Stephen Pair in May 2011, BitPay became the first operator to work with Bitcoin. The development of this project began due to the need to create a fast, safe, and cheap way of paying for goods and services. According to the creators of BitPay[6], the aim of the platform is to become crypto equivalent of Apple’s Apple Pay payment system, which is reflected in the similarity of their names.
In 2017, BitPay processed more than $1 bln[7] in Bitcoin payments. The next step for the company was developing a BitPay Visa debit card, which allows payment through POS-terminals,
