Mastercard may have warmed up to cryptocurrencies recently, but if you’re expecting to use your debit cards to pay for your coffee, an executive at the payments giant has bad news for you. Ann Cairns, the executive vice chair at Mastercard stated in a recent conference that Bitcoin is too volatile for the company.
Mastercard announced earlier this month it would incorporate digital currencies into its payments. As ZyCrypto revealed at the time, this would avail cryptos to Mastercard’s one billion users. It would allow them to pay using cryptos at over 30 million merchants worldwide.
“MasterCard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants, and businesses to move digital value — traditional or crypto — however, they want,” the firm stated at the time.
However, according to Cairns, the New York-based giant is not about to incorporate Bitcoin. Speaking at the Future of Money conference, Cairns criticized the use of BTC for payments due to its long confirmation times.
She told the audience, “Bitcoin doesn’t behave like a payment instrument. It’s too volatile and it takes too long to transact.”
She added, “So if you and I went for a cup of coffee, and you know, I decided to pay with bitcoin, our coffee might cost me, I don’t know, 40% more by the time it was served — and it takes 10 minutes to actually settle the transaction.”
While she may have exaggerated the volatility, Bitcoin is indeed a volatile …
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