Cybercrime could become the world’s third-largest economy

Mastercard CEO: crypto replacing the dollar is “pie in the sky.”

Mastercard CEO Michael Miebach says the idea of crypto supplanting the dollar is “pie in the sky,” and that the crypto companies are the ones coming to Mastercard, asking for co-branded cards.

He expects agentic commerce to arrive the same way. Rather than AI agents building their own payment system, they get vetted and registered on the rails that already exist. “I don’t think that’s actually gonna come,” he tells Brian Sozzi.

Also: cyber crime he expects to reach $15.6 trillion by 2030, a domestic license in China, the new UAE payment switch, the K-shaped consumer, and the job he almost turned down.

Timestamps
0:00 Inside Mastercard’s headquarters in Purchase, New York
1:20 Sixty years old, twenty years public, and still surprising its own customers
2:30 “Plumbing is a great word,” but Miebach has a better one
3:35 The leadership handover announced weeks before lockdown
5:40 Five people and a dog: running Mastercard from an empty office
7:00 The part of leadership a chief product officer never needed
8:25 It was never about the card, it was about the two circles
9:40 A domestic license in China, and where card rails physically live
10:50 “Run anything anywhere,” and the new UAE payment switch
12:00 Staying a proudly US company in a fragmenting world
13:20 The one thing every government on earth agrees on
15:15 Whether the US has got easier to do business in
16:30 What Mastercard’s own data says about the K-shaped consumer
18:55 Cybercrime as the third largest economy on earth
19:50 Why agentic commerce won’t get its own payment system
21:00 Agent Pay: vetting an AI agent the way you vet a cardholder
21:55 Why an agent’s payment may be safer than the card in your pocket
22:45 The machine-to-machine payments that may run on a blockchain
25:05 Are stablecoins transformational or nice to have
26:00 Why crypto replacing the dollar is “pie in the sky”
27:35 The ten-year strategy he says will not change
29:15 The antiquated corner of payments he expects to explode
30:20 What McLaren does for a payments company
31:15 The job he almost turned down

#Mastercard #crypto #stablecoins #AI #payments #PowerPlayers #YahooFinance

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