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Libra - Visa and Mastercard are Skeptical

2 min reading

Much was said about over 28 companies which financially support the Libra project. Among them are also Visa and Mastercard. Now, however, it turns out that there are no binding agreements on this matter yet.

Visa is not Libra's partner yet

During a teleconference on financial results for the third quarter of this year this Tuesday, Visa's CEO, Alfred F. Kelly, was asked about Libra. The question was asked by Bryan C. Keane, one of Deutsche Bank's analysts:
There are some discrepancies regarding the approach to Libra. Is it a strategic partner of Visa, or maybe a potential threat? I am interested in your thoughts regarding Visa's involvement in the Facebook's project.
Kelly's answer:
We have signed a non-binding letter of intent regarding cooperation with Libra. We are one of 27 companies that have expressed such interests. But in fact, none of us officially joined the project.

Scepticism continues

Not only Visa but also another giant of payment cards, Mastercard, appears among companies that have agreed to support the project. The company joined it relatively recently, and a statement supporting Libra was issued. Nevertheless, vice-president Jorn Lambert said in an interview that it may have a problem with entering the market if the creators will not be able to sort out legal issues. Alfred Kelly himself confirmed his words, saying that many things still have to be done in order for Libra to successfully enter the market. In the financial industry, the largest US banks such as Goldman Sachs and JP Morgan Chase were encouraged to cooperate, but it is being said that they refused due to legal problems.
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