Tuesday, June 25, 2019

US Retailer Kroger Considers Crypto As Replacement For Visa Card

Since VISA card continues to increase its service fees, their partnerships with companies also threaten to be in danger.

Kroger Removes VISA Payment Method

As recently reported, major US retailer company Kroger, decided to let go of VISA credit card as one of their payment methods in their Smith’s food and drug stores. According to the announcement, starting April 3, the store will no longer accept VISA due to their ‘excessive fees.’

As furthered, VISA seemed to charge a little extravagant to Smith’s stores compared to other credit card companies. Due to this, Kroger’s Chief Financial Officer Mike Schlotman explained that their company would no longer partner with the said credit card giant.

“At Smith’s, Visa’s credit card fees are higher than any other credit card brand that we accept… Visa has been misusing its position and charging retailers excessive fees for a long time.”

Now’s The Time

Since the option of removing VISA card is now on the roll, various companies seemed to grabbed this chance to offer alternatives to Kroger.

One of them includes the crypto enthusiast and founder of Morgan Creek Digital Assets, Anthony Pompliano.

Lightning Network Swoops In The Conversation

After the announcement was made, Pompliano immediately offered an alternative for the business tycoon and shared about the goodness of Bitcoin’s Lightning Network.

“Who knows someone on the leadership team there? The Morgan Creek Digital team will fly to meet them and get them hooked up with the Lightning Network nationwide,” Pompliano tweeted

A couple of hours after Pompliano tweeted about this offer, a staff from Kroger Digital also sent a message by saying ‘Let’s make it happen. DM inbound.’

With this successful conversation between Pompliano and Kroger Digital, a lot of hope arises with this soon partnership and many crypto fans loved the idea behind this offer.

Major Enhancement For the Crypto Market

Once Kroger and Lightning Network successfully implements the payment method, the majority of customers that will be given a chance to encounter crypto will be open to exactly 134 Smith’s food and drug stores across seven states in the USA.

With this high number of stores, the crypto market will surely get a huge impact from the masses as the largest supermarket handles online currencies.

This may have been bad news for VISA, but the world of crypto shares this as an exciting opportunity for the market.

Enjoyed this article?
Subscribe to our mailing list and receive the hottest news directly to your inbox!

More Articles