Alfred Kelly, Jr., Chairman, and CEO of Visa (NYSE:V), announced on Thursday that the payment network would prevent TrafficJunky, the advertising subsidiary of MindGeek, from utilizing its network to process payments.
According to Kelly’s blog post on the Visa website, the corporation already suspended MindGeek sites that hosted user-generated content in December 2020, including Pornhub. He said that you could not use your Visa card on Pornhub, despite what you may have read in recent days. Shares of the company (V) are up 2.3% in Thursday’s afternoon session. In contrast, shares of competitor Mastercard (NYSE:MA) are up 0.6%.
On Thursday, Mastercard (MA) also announced that TrafficJunky had been removed from its payment network.
The chief of the payment network responds to billionaire hedge funder Bill Ackman’s appearance on CNBC on Wednesday, where he demanded that Visa cut Pornhub off from its payments network.
The business “condemns sex trafficking, sexual exploitation, and child sexual abuse. It is illegal, and Visa (V) does not permit the use of our network for illegal activity,” explained Kelly.
Because Visa (V) was involved in MindGeek’s acts because the company’s (V) payment cards were used to pay for advertising on MindGeek sites, the court dismissed the corporation’s (V) plea for being excluded from a case against MindGeek on Friday. Kelly stated, “We strongly disagree with this decision and are confident in our position.”
Due to the court’s ruling, the company (V) decided to halt TrafficJunky’s use of the payment system temporarily. According to him, during the ban, Visa cards cannot be used to pay for advertising on any websites, including Pornhub and other MindGeek-affiliated sites.
2020 marked the final year Mastercard (MA) accepted payments on Pornhub.
Featured Image: Megapixl © Sebcz
