We always hear rumours of Ripple and Visa/Mastercard, this is most probably because at it stands, Ripple’s technology seems to be the most adoptable by mainstream society and that therefore, if a cryptocurrency did some to the fore against Visa and Mastercard, it would most probably be through Ripple and XRP.
In a press release on PRNewswire, yesterday we saw an announcement from Modern Finance Chain (or MF Chain) who have produced a new application that has been designed to offer a direct and ready to use alternative service for payment facilitation to Mastercard and Visa. You can see the press release for yourself, here- https://www.prnewswire.com/news-releases/crypto-company-launches-app-aimed-to-replace-visa-mastercard-payments-300651824.html
Okay, so there’s no mention of Ripple or XRP here, however as I have already mentioned, if MF Chain wanted to work with a ready made company and a ready made currency, we imagine XRP might be the top of their list.
According to MF Chain:
“MF Chain is simple, sleek and intuitive to use. Ensuring ease of integration and merchant adoption was top of mind for the MF Chain development team. Once merchants create and have their account verified, their ability to process payments and begin earning 1% crypto-back is ready for use.”
“Taking payments is just as simple. Once the final amount to be paid is determined, merchants simply enter in the total amount (after any applicable taxes), the MF Chain app converts the cash amount entered into the correlating amount in all cryptocurrencies supported. By simply selecting the crypto the consumer wishes to use, a QR code is displayed for consumers to scan and complete the payment process.”
As it stands, there is no real information on the surface about which currencies will be integrated within this system. Of course, replacing Visa and Mastercard is a colossal task, but the team behind MF Chain do seem to be driven to do so. Fair play to them.
It is likely that upon a full launch, MF Chain will focus on Bitcoin, at least for the main roll out, however XRP still rings as a currency with some really useful applications here. The only stumbling block they may come across, is a conflict of interest between MF Chains network and of course, Ripples xCurrent, xRapid and xVia. MF Chain are unlikely to adopt Ripple’s services, so really, is an XRP listing likely, who knows?
In the real pursuit to outsmart Visa and Mastercard, XRP will play an important role, wherever it may be. For MF Chain to real succeed here, let’s hope that somehow, XRP will come to the fore.