Unfiltered

Why A Possible Collaboration Between The World’s Largest US Based Supermarket Chain And The Lightning Network Is Revolutionary

As per a press release by the world’s largest US based supermarket chain, Kroger’s announced that from the 3rd of April, 2019, their Smith’s Food & Drug Stores division will stop accepting Visa cards as an acceptable form of payment.

According to Mike Schlotman who is the executive vice president and CFO of Kroger’s, “Visa has been misusing its position and charging retailers excessive fees for a long time. They conceal from customers what Visa and its banks charge retailers to accept Visa credit cards. At Smith’s, Visa’s credit card fees are higher than any other credit card brand that we accept. Visa’s excessive fees and unfairness cannot continue to go unchecked. That’s why, starting April 3, Smith’s will accept all forms of payment except Visa credit cards.”

However, things might be getting more interesting as we might all be buying our groceries with cryptocurrency pretty soon!

As more and more businesses move away from overpriced and exploitative companies such as in this case, there are more and more opportunities for blockchain based technologies to sweep in and save the day. Which is exactly what might be happening!

It all started with a simple tweet and progressed into something surreal!

Yep, that’s right. Co founder at Morgan Creek Digital, Anthony Pompliano sought to reach out to Kroger’s in order to suggest they strike up a deal with the Lightning Network instead and Kroger’s responded;

And soon after, Pompliano hit them up with this;

Hours later,  Pompliano confirmed the news with this tweet and we are ecstatic!

Why is this important?

This is huge news considering Visa is still the largest credit card issuer around the world but more importantly, this might be the start of something far more radical as a literal paradigm shift might be just around the corner.

We might be getting ready to finally move away from traditional (banks) or semi-traditional  forms of funds transfer services in the case of Visa to opt for alternatives such as the Lightning Network which aims to cut out all government and intermediary intervention and let the consumer and businesses interact with each other in a way that is mutually beneficial. By the looks of Kroger’s reasoning behind their Visa ban and the underlying promise of the Lightning Network, it’s safe to say the two are set to fight against exploitative corporations and bring agency back to the consumer!

Talk about a truly disruptive market force, and really what could be more revolutionary than corporations putting the customer first?

Stay tuned to this space for more updates regarding this debate!

 

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Komal Zaheer

Writer. Procrastinator. Bra Burning Feminazi. Likes to make people laugh. Student of Journalism. Content Contributor @BlockPublisher.

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