VISA and Mastercard increased the commission for the purchase of cryptocurrency
The first to notice this annoying change was noticed by users of the cryptocurrency exchange Coinbase, who bought bitcoin for money from their VISA and Mastercard cards and noticed that they had written off more money from their accounts than they should have. It turns out that now payment services interpret the acquisition of cryptocurrency as “cash withdrawal”, and this allows them to charge an additional commission for these transactions.
Coinbase has long allowed its users to buy cryptocurrency for fiat money using debit cards. Earlier, the commission from these transactions accounted for 4%, and now another 5% was added to this, so the commission for buying cryptocurrency from VISA and Mastercard debit cards is 9%.
Presumably, these innovations concern not only Coinbase but also all other cryptocurrency exchanges that provide their customers with the opportunity to buy digital currencies from debit cards. Coinbase has already notified its customers about the changes, as did the large Coincheck exchange.
The decision of VISA and Mastercard is not surprising, they do not hide their dislike for cryptocurrencies. They can be understood because widespread distribution and mass recognition of cryptocurrencies will greatly hamper the work of these financial giants. That’s why in January, Visa severed its partnership with WaveCrest and ended prepaid debit cards. Then this event was widely covered in the press and was vigorously discussed by the crypto community.