Last week, Mastercard and Visa announced that they would no longer allow their cards to be used on the popular adult website Pornhub.com. The decision came after the payment processors’ review of the website found unlawful content. Mastercard said in a statement,
“Our investigation over the past several days has confirmed violations of our standards prohibiting unlawful content on their site.”
“We instructed the financial institutions that connect the site to our network to terminate acceptance.”
Both the companies started the investigation after a New York Times column accused Pornhub of videos depicting child abuse and non-consensual violence, which the company said to be untrue.
In response, this week, Pornhub enacted safeguards including banning unverified uploaders from posting new content and eliminated downloads and partnered with non-profit organizations to combat illegal content. The company’s latest update reads,
“It is clear that Pornhub is being targeted not because of our policies and how we compare to our peers, but because we are an adult content platform.”
Regarding Mastercard and Visa severing its ties with the company, Pornhub said the move was “exceptionally disappointing,” adding that it affects hundreds of thousands of models who rely on the platform for their livelihoods.
Now, the website exclusively supports cryptocurrency as it has become the default payment method.
Currently, the supported digital currencies include Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Dash, Monero (XMR), Ripple (XRP), NEM (XEM), Tron (TRX), Tether (USDT), Verge (XVG), Waves, and Zcash (ZEC).
This development is expected to help digital currencies gain further adoption as Nic Carter of Coin Metrics states, “financial infrastructure is already thoroughly politicized, from top to bottom.”
Pornhub attracts 3.5 billion visits a month, which is more than Amazon, Netflix, or Yahoo. Venture capitalist Paul Graham, co-founder of startup accelerator Y Combinator tweeted,
“Possible future scenario: Credit card companies become increasingly picky about who they’ll process transactions for, and this becomes the thing that tips the general public into using cryptocurrency in transactions, ultimately killing credit cards.”