Dominance of Visa and Mastercard faces new crypto threat

But the firms aren't defence-less, they are leveraging trust, their biggest advantage

- BY JUSTIN VARGHESE

For decades, Visa and Mastercard have dominated global payments.

But a new kind of challenger is closing in — and it’s not a flashy fintech or a rival bank. It’s stablecoins! These blockchain-based digital currencies that are fast becoming the tool of choice for international payments, payroll, and commerce were once confined to crypto circles.

Now, stablecoins are being used by businesses, retailers, and even governments worldwide — bypassing traditional payment networks entirely.

As transaction costs mount and global commerce goes digital, swipe fees which cost retailers hundreds of billions globally — are in the spotlight. Even a small shift towards stablecoins could reshape the entire landscape.

Battling popularity with trust