Cryptocurrency payments will be a reality in the future, but they are currently not cost-effective. This was stated in an interview with Cointelegraph by Gonzalo Pérez del Arco, American Express’ director of government relations in Southern Europe.

According to him, currently crypto payments are not relevant for several reasons, including high transaction costs and merchants’ reluctance to accept digital assets.

He noted that the company is interested in using cryptocurrencies and is working in this direction.

“Because this is the right direction that competitors in the market are taking,” he added.

Pérez del Arco says he is betting “bigly” on cryptocurrencies with his investments and the development of multiple use cases through American Express’ venture arm Amex Ventures.

As an example, he cited the recent launch of a cryptocurrency gift card as part of the Membership Rewards program by the Abra platform.

A spokesperson for American Express explained that the company’s decision not to engage in crypto payments has yet to do with regulation.

“Membership rewards are something that is relatively easy to use and low risk compared to other payment transactions using cryptocurrencies,” he emphasized.

Recall that American Express invested in the FalconX cryptocurrency platform, which is focused on institutional investors in 2020. In 2021, the payments company raised $210 million in investments during the Series C round.

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