Visa, Mastercard will be biggest business losers of 2022: Billionaire Chamath

Sri Lankan-born Canadian venture capitalist Chamath Palihapitiya in a podcast said, "My biggest business losers for 2022 are Visa and Mastercard and traditional payment rails and the entire ecosystem around it." The billionaire said these payments systems are a "completely contrived duopoly that doesn't need to exist". He added that these companies will lose out to Web3-based payment projects.