The TokenCard where Cryptocurrency Meets Plastic

The potential market for TokenCard is vast because debit cards are one of the most popular payment technologies on Earth. There were 867 million MasterCard (NYSE: MA) debit cards worldwide and 210 million MasterCard debit cards in the United States in 2nd Quarter 2018, Statista calculated.

Just one debit card brand has close to one billion users worldwide. Therefore, marrying debit cards to an altcoin is a logical way to facilitate cryptocurrency and blockchain use.

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Cryptocurrency Visas Shut Down

“Visa have today instructed us that we must close all WaveCrest issued Visa Prepaid Cards with immediate effect,” an email from WaveCrest states. WaveCrest had a license to issue Visa-branded credit, debit, and prepaid cards which was apparently yanked early in January.

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Should we Tax Data or Advertising to Fund Basic Income?

“We could hold Google and Facebook and all those big multinationals accountable; we could make sure that people; like those who are currently ‘voluntarily’ contributing their data to pump up companies’ profits are given something that is adequate to support their livelihoods in exchange,” Fuller said.

Fuller’s idea makes a lot of sense because most of those companies’ values come from the data they collect and disseminate. Figuring out how to charge a tax on that data will be difficult because much of its value is theoretical.

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U.S. Company Planning Cryptocurrency Debit Card

The Centra Card is supposed to be a MasterCard (NYSE: MA) product that will have some pretty impressive perks.

It should be noted that this is not certain, earlier Centra imagery showed a Visa card, which has apparently been changed. Currently, the website mentions MasterCard but does not show the MasterCard logo, which means that deal might not be final.

If all goes as planned the Centra Card will be able to convert Ethereum, DASH, Litecoin, Monero, Bitcoin, Ripple, Zcash, and the Centra token (CTR) into fiat currencies such as U.S. Dollars. Note: Centra’s website does not say what fiat currencies the card will convert altcoins into but it would presumably be the U.S. Dollar.

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Visa and the Value in Payments

Nor are mobile wallets such as PayPal, Apple Pay, Walmart Pay, Android Pay, Samsung Pay, and Alipay, automatically a threat to Visa’s business.

Only 16% of Americans said they had used a mobile wallet in 2015, a JPMorgan Chase survey indicates. The same survey found that only 56% of large businesses and 25% of small businesses were accepting payments from such mobile wallets.

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MasterCard sees Value in the Blockchain

U.S. Patent Application 20170323294  for “a method for processing a guaranteed electronic transaction” specifically mentions the blockhain. Here is how it is described in the application:

“The present disclosure relates to the use of recorded guarantees for payment transactions for verification by acquiring institutions to facilitate instantaneous payment to a merchant involved in the payment transaction, specifically the use of a blockchain or other third party network for verification of a guarantee associated with the payment transaction.”

The applicant for the application; dated May 6, 2016, was MasterCard International Incorporated of Purchase, New York. Get the picture folks MasterCard is trying to create a blockchain-based solution for instantaneous payment.

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Wells Fargo and the Future of Monster Banking

The potential challenges Wells Fargo faces are vast. The greatest of these is falling revenues, which probably reflects the growing implosion of the mortgage market.

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MasterCard CEO: “Non-government mandated currency is junk”

Notice Banga said government-mandated, which means he might accept a private cryptocurrency that has a government’s seal of approval. This means MasterCard might be open to working with China’s NEO or Russia’s Waves; both of which seem to have indirect government backing. Crypto users should beware because Banga might also be aware of plans for some sort of crackdown.

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Is MasterCard Unstoppable?

Nor was it just cash that was growing at MasterCard. The number of Americans that used a MasterCard grew by 550,000 between Fall 2015 and Spring 2016, Statista data indicates. Around 92.16 million people in the United States swiped a MasterCard in Fall 2015. That number grew to 92.71 million a few months later in Spring 2016.

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