Visa Fintech Recruiting for its Crypto Team: Is There a Hidden Agenda?
Only a fortnight after a leading U.S. supermarket chain announced it was ditching Visa in favor of a cryptocurrency-based alternative, the multinational financial service and payment processor is building a new team that will be dedicated to the cryptocurrency ecosystem.
A Part of the Visa Crypto Team
Visa Inc. is hiring a technical product manager who will be responsible for strengthening the “Visa Crypto Team.” The product manager will be responsible for executing the company’s product strategy within the cryptocurrency ecosystem.
The job post for a “Technical Product Manager” was posted in smartrecruiters.com and gave a detailed description of the new hiring, explaining that the successful candidate will become a part of the Visa Crypto Team and that they need to know the cryptocurrency ecosystem. The advert read:
“As a product manager on the Visa Crypto team, this person will have responsibility for executing Visa’s product strategy within the cryptocurrency ecosystem […]This person should have great problem-solving skills and creativity to find new opportunities and anticipate how cryptocurrencies could impact payments.”
The company says the successful candidate must have excellent problem-solving skills and creativity to discover new opportunities and anticipate the impact of cryptocurrencies on payment systems. The person will be expected to work closely with the Visa Research team to deliver new products to its fintech arm. VISA required that the person:
“Possess significant functional knowledge of the cryptocurrency ecosystem and players involved, including in-depth knowledge around permissionless blockchain technology as well as a deep understanding of existing retail payment solutions […] familiarity with advanced cryptography is preferred.”
According to Reuters and Wall Street Journal, Visa and MasterCard have plans to increase transaction fees beginning next April, and if the increase is implemented, the charges will increase the cost of goods and services. Even though a Visa spokesperson confirmed that the extra fees would be on merchant banks such as JP Morgan, Citigroup, and Bank of America which maintain accounts for sellers such as Amazon and other large retailers, there are chances that the fees will eventually be passed on to the consumer.
Currently, 2.5 percent of the price of goods and services goes on to cover transaction fees via Visa and MasterCard, and that amount is likely to go up come April. This scenario makes using cryptocurrencies an attractive option especially when one considers Lightning Network developments where, according to user Kevin Rooke on Twitter, the transaction fees on the BTC Network are likely to be around $0.02.
With significant grocery stores like Kroger banning Visa in protest over what they term as “excessive transaction fees” and considering crypto-options, Visa could be positioning itself to prevent a financial hemorrhage as crypto adoption steadily rises.