American Express CEO believes cryptos don't scare traditional payments

by in Cryptocurrency News

Squeri

The traditional payment system will be able to withstand even the massive adoption of cryptocurrencies. Credit cards will retain their position as they will remain a popular tool for a very long time, according to Stephen Squeri, CEO of American Express.

Unlike credit cards, cryptocurrencies cannot offer more favorable terms of service and rewards. Bitcoin and other digital currencies are viewed by the CEO of American Express as a special class of assets.

At the same time, Squeri noted that American Express customers do not use the cards of this payment system to buy shares. Also, the company does not observe any particular interest in digital currencies. The main advantage of such instruments is that they can be used to transfer funds cross-border with minimal transaction costs.

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Note that during the first crypto-hype of 2017-2018, American Express showed an increased interest in decentralized technologies. The giant's partner was the startup Ripple. It was his platform for payments that American Express management wanted to use. The parties even entered into a partnership agreement in the summer of 2018.