AMERICAN FIRM SAID THEY ARE INTERESTED IN CRYPTO AND ACTIVELY WORKING TO INCORPORATE MORE SERVICES
Gonzalo Pérez del Arco, director of state affairs in South Europe for the American credit card giant, believes that making crypto payments is not expensive at the moment.
Pérez 'comments came during a special interview with Cointelegraph editor Aaron Wood at the European Blockchain Convention 2022, where he discussed current crypto-related programs related to American Express and future prospects.
Pérez explained that a number of factors make crypto payments impossible in the current market, such as high transaction costs and the willingness of merchants to accept digital payments. However, he noted that crypto payments could become a reality in the future, and his company is focused on working that way.
He added that the company is interested in crypto payments "Because it is the right direction for competitors in the market to take."
Pérez noted that American Express has been heavily betting on crypto with investments and the development of several cases of using crypto with its Amex Ventures arm. He created an example of a recently launched crypto reward card with Abra, a crypto-based financial company.
He said the decision to launch a crypto reward card system instead of directly accessing crypto payments was due to the lower risks involved. He cited the upcoming MICA rules in Europe banning the awarding of prize tokens as one of the key factors influencing their decision:
"If you look at the MICA regulation that is about to be published in Europe where the reward logic system token is something that has been considered.
While American Express is taking precautionary measures in its crypto-approach, other card-payment giants such as Mastercard and Visa have been campaigning to increase their unallocated tokens (NFTs) and Web3.
Visa has been active in integrating crypto payments with its network, allowing millions of customers to directly apply their crypto to thousands of merchants worldwide. The payment processor giant reported $ 1 billion in crypto usage in the first half of 2021. The company recently launched an immersion program to help creators build their business with NFTs.
Mastercard, on the other hand, has gone beyond crypto payments and recently announced the straightforward NFT purchase option for 2.9 billion cardholders.