By now you’ve probably heard about Libra, Facebook’s idea for a new cryptocurrency. At first glance, Libra has a lot of promise, along with many potential hurdles. We wanted to briefly summarize the Libra announcement for you, to better help you digest the news and consider what Libra could mean for digital payments in the not-too-distant future.
Those involved in the cryptocurrency markets are familiar with the process for funding an exchange account to make trades. However, if you use a credit card to fund your account, chances are you will start seeing an additional transaction fee. Both Visa and MasterCard have clarified the Merchant Category (MCC) Codes used to classify these transactions, and the result is higher fees for consumers.
SegPay VP Jeffrey Rosenzweig makes a guest blogger appearance to discuss the state of cryptocurrencies, and their potential for payments and payouts
Lately it seems the topic of cryptocurrency is gaining traction in our space again. We are hearing more talk about Bitcoin and similar currencies finally gaining serious consideration as a payment alternative. For that reason, I wanted to share some thoughts on the state of cryptocurrency and how I see it fitting in for our merchants.