Co-founder Paul Graham of American seed money startup accelerator Y Combinator, said that credit card companies may lose their business to cryptocurrencies if they continue to be choosy with customers.
Graham revealed his belief on the future of credit cards in a tweet posted on the 11th of December:
“Possible future scenario: Credit card companies become increasingly picky about who they’ll process transactions for, and this becomes the thing that tips the general public into using cryptocurrency in transactions, ultimately killing credit cards.”
Graham highlighted his belief in cryptocurrencies and credit cards after payment giants MasterCard and Visa announced blocking Pornhub payments on their platforms. The two companies decided to cut off Pornhub after the pornographic platform displayed videos that promote rape and child abuse. Mastercard said Pornhub violated its regulations that forbid unlawful content on the pornography website.
Notably, Pornhub is the tenth most popular website globally, with more than 3.3 billion monthly visits. The pornography website expressed its displeasure with the announcement from the credit card companies. Pornhub said the news is “crushing” as there are several models who depend on the website for survival.
MasterCard and Visa further said they would continue to conduct independent investigations on Pornhub content.
On the 2nd of September, Pornhub said that the users can now make payments on the pornography website using Bitcoin and Litecoin.
Image Credits: Pixabay
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