Total 11 Posts
The duopolistic Mastercard and Visa payment processor hegemony poses a huge threat to the internet, while over the last few years, the dangers of the power held by Big Tech and governments have been under scrutiny - they shouldn't be the only ones.
Confirmed: Visa be buying a 20% stake in Nigeria's Interswitch, a company focussed on the digitisation of payments in Nigeria and other countries in Africa, for $20 million, valuing the FinTech giant at $1 billion.
Visa is looking to buy 20% of Nigerian FinTech giant, Interswitch, for $200 million. This is in anticipation of Interswitch's IPO on the London Stock Exchange in 2020.
Probably worrying for Libra is that these withdrawals mean that the Libra Association is now left without any major global payments companies as members, something that could prove to be a hurdle should Libra want to facilitate and process payments from them.
Governments have long been suspicious of private currencies for good reasons, and Libra is no exception. We must not be distracted by its proposed technical complexity, and instead, focus on how this technology is organised, put to work, and how its rewards are distributed.
Given how easy it is to make payments and how NFC enabled credit cards they require no user input, they present a security risk.