America Express Would Adopt Crypto Payments Soon: Top Executive

Gonzalo Pérez, a top official at American Express reportedly stated that crypto payment methods are still quite expensive now. He added that the firm believes it could be a lot cheaper shortly.

American Express Would Soon Launch Crypto Payment Services

At the recently concluded Blockchain Convention in Europe, Perez revealed the present and future crypto roadmap of American Express. He stated some factors that he claimed barricaded the firm from adopting crypto payment services in the current market. 

He said that the current transaction charges are high and not so many of their merchants accept crypto payments. Nonetheless, he pointed out that soon, the firm could adopt digital payment in its system. 

Also, American Express is showing increasing interest in making digital payment feasible for it soon. Furthermore, he stated that the firm believes crypto payment services are the next big thing in the market that its rivals are doing now. 

Pérez mentioned that the giant card payment firm has been exploring crypto’s investment and development use cases for a while now. He gave an example of the crypto reward card it launched recently with Abra, a crypto company.

He explained that launching a crypto card is better than adopting crypto payment services as it has low risk. He pointed out that the MICA regulations that the European regulators wanted to launch also encouraged their action. 

The MICA regulation is set to rule out the tokenization of members’ rewards in Europe. Perez continued that it is relatively easier to tokenize members’ rewards than to offer other payment services involving crypto.

MasterCard And Visa Already Dip In Crypto

As of now, American Express is taking its time before launching its crypto payment services. Meanwhile, MasterCard and Visa are currently diving deeper into Web 3 and the Nonfungible token industry. 

The two have been reportedly engaging in many crypto-related activities lately. According to reports, Visa is busy with all hands on deck, trying to integrate crypto payment into its services.

It aimed at giving millions of its clients the chance to pay with crypto in thousands of merchants around the globe. Statistics showed that in Q1 of this year, Visa spent up to $1 billion on crypto-related products. Recently, it launched an innovative protocol that would enable creators to create their projects with NFTs.

On the other hand, the crypto payment service is no longer new to MasterCard as it has been adopted for a while now. Currently, the giant card firm is about to launch a direct NFT purchase service that is open to more than 2.9B card holders.

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