Breaking news out of the UK today is that Amazon is banning VISA payments as of January 19th. From the lens of a crypto enthusiast, is this good or bad?
On one hand Amazon's reasoning for dropping Visa is right in the wheelhouse of the cryptocurrency ethos, no longer accepting VISA cards "due to the high fees Visa charges for processing transactions".
However, this potentially hinders adoption in the form of Crypto backed VISA debit cards issued by major crypto exchanges. Amazon isn't some small retailer, this is a site used for online shopping by "9 out of 10 UK citizens" according to research firm Mintel.
Then there is the possibility that this signals an internal move by Amazon to host their own payment processor, Amazon has been posting jobs for blockchain developers and analysts after-all.
In the short term, this may not have a huge impact on the market as the UK is a such small fraction of the overall Crypto space but it could accelerate Crypto adoption if - and that is a big if - Amazon relies on blockchain technology for payments or pivots to a more crypto focused payment system.
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