Wietse Wind refutes rumors that XRPL Labs plans to develop a card payment system for Xumm Wallet.
The crypto world is never without a few rumors making rounds. Sometimes, the rumors amount to something. Other times they’re just distractions meant to keep the community busy. The latest gossip involves XRPL Labs, a firm dedicated to developing supporting systems or applications for XRP use cases.
According to a tweet sent out by the Wietse Wind, BDFL at XRPLLabs, these rumors are false, and the firm is not planning anything of the sort. Wietse Wind gave a few reasons why it won’t be creating such a card system for XRP/ fiat payments.
I just received a message informing me that there's a rumour spreading that @XRPLLabs is working on a @XummWallet debit/credit card.
This is *not* the case. The rumour is false.
There will not be a CC and those plans will not change.
(1/..)
— WietseWind – ? XUMM @ XRPL Labs (@WietseWind) July 21, 2022
No Need To Bring Back Old Systems
According to Wietse Wind, credit card systems are old technologies often associated with inefficiencies, including high transaction fees and other downsides. There’s no point in re-introducing such issues when new and more effective technological solutions are already available.
Also, introducing cred/debit cards would spoil the plan for a complete shift to XRPL payments. This would roll back the gains already made over the years.
No Need To Re-introduce “Crazy” Fees Via Cards
Credit/ Debit cards are more expensive to work with as opposed to new blockchain-based solutions. While there’s a need for a bridge to link the two sides, re-introducing cards as they’re traditionally isn’t a smart solution. Instead, the best solution would be to develop an offramp/onramp system to facilitate instant swaps between fiat and XRP. This would allow users to send funds between their bank accounts and XRPL accounts without incurring heavy fees.
Going on, the firm intimated that it was working on introducing such functionality for Xumm Pro Beta users before the year’s end, with a later rollout planned to cover the rest of the EU countries.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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