Director of Government Relations for Southern Europe at American Express believes that it is not profitable to pay with cryptocurrencies now.
Gonzalo Pérez del Arco at the European Blockchain Convention 2022 spoke about the plans of the American Express payment system related to cryptocurrencies.
He named several factors that hinder the introduction of digital currencies in the field of payments: high commissions for conducting transactions and the unwillingness of most merchants to accept payments in crypto assets. However, del Arco noted that in the future, cryptocurrency payments may become quite commonplace, and American Express is interested in developing this direction, given that competitors are also not left out.
Del Arco noted that American Express is betting “big” on cryptocurrencies, so researchers at the company’s venture arm, Amex Ventures, are exploring and implementing different use cases for them. He mentioned the Crypto Rewards card, launched in conjunction with the cryptocurrency company Abra. For cardholders, points are provided that can be exchanged for cryptocurrencies.
An American Express top manager mentioned the Digital Currencies Supervision Bill (MiCA), which is being discussed by the European Parliament, the European Commission and the Council of the European Union. It may include rules governing non-fungible tokens (NFTs). Therefore, del Arco believes that launching cards with rewards in cryptocurrencies is a much simpler and safer option compared to the introduction of crypto payments.
While American Express is taking a cautious approach to adopting cryptocurrencies, other payment giants are actively working on it. For example, in March, Visa launched an NFT and Web3 creator support program, and Mastercard expanded its partnership with NFT creation and trading platforms so that customers can buy collectible tokens directly.
