[Interview] "Technology Matures When It Becomes Invisible"

When asked about what drew Michael Batuev to the payment industry, he first mentioned the word "curiosity." More specifically, it was a curiosity about systems that work so well that no one notices them.

"When I first encountered the internet, there was a sensation that all the information in the world was inside my computer. Payment services are part of the same category of systems."

The moment you tag a card or press the send button, thousands of processes involving banks, acquirers, payment networks, and regulatory bodies are at work behind the scenes. The user sees none of this. Batuev quickly realized that payments are one of the most complex financial services as he stepped into the financial sector, and his interest shifted from "how payments work" to "how can they be made more convenient?" This question has defined most of his career.

Now, as the global payment head of the on-chain financial infrastructure company WeFi, he is posing the same question again on the blockchain.

From the Far East to Alfa-Bank and Visa

Batuev grew up in the Russian Far East, a region historically situated between Europe and Asia. He says he felt firsthand how different the economic and financial systems are in each country.

His subsequent experiences in banking made him view technology not just as a tool but as a means to change the industry itself. At Alfa-Bank, where he worked, there was a culture of constantly seeking new models rather than refining existing processes.

His time at Visa opened up another perspective. It was an experience of seeing how a global infrastructure trusted by billions is built from the inside.

"There, you realize how complex the global financial system is and how crucial stability, scalability, and security are."

He states that the combination of these three stages has shaped his perspective. While valuing innovation, he also understands why the existing financial system is structured the way it is today.

Signals of Transition Seen from Within Visa

From 2015 to 2019, the strategic focus at Visa Russia was on contactless payments, the spread of mobile payments, and real-time transfers. Batuev was at the heart of these changes, and the next step was to expand the success in that market to other macro regions.

Around the same time, blockchain emerged. Initially, many viewed it only as an alternative financial system, and skepticism surrounding the risks of cryptocurrencies was naturally present. Batuev believes that this phase has historically repeated itself, much like the transition from metal coins to paper money.

"The core strength of blockchain was not to compete with existing payment networks but to enable new forms of digital currency and new asset ownership models."

He provided a concrete example. Moving large sums of money from a traditional bank account to a foreign bank account requires significant time and cost due to essential compliance procedures. While the conditions differ from moving the same amount in stablecoins, it is clear that operational costs can be significantly reduced.

The conclusion was this: the next chapter of payments will not replace existing infrastructure but will be built on top of it, combining the advantages of both.

Certainty Gained from Tangem --- "Do Not Make Users Choose"

After leaving Visa, his first destination was Tangem. It was one of the early attempts to combine hardware self-custody wallets with the familiar payment experience of bank cards.

This experience made one clear fact evident to him.

"Most people do not want to choose between cryptocurrency and traditional finance. They just want to use their assets as easily as a bank card."

Here, his conviction solidified. The future does not lie in teaching users complex crypto technologies but in making technology virtually disappear from the user experience.

It was not a single event that led him to WeFi. Rather, it was a growing recognition that the most exciting innovations today come from startups that can experiment more rapidly with new technologies like blockchain. After spending a long time in the world's largest payment network, he says he wanted to fundamentally redesign the way people relate to money. Tangem was first, followed by WeFi.

What is Deobank?

He explains the unfamiliar term "Deobank" very simply.

"Today, banks hold your money. Deobank allows you to directly hold digital assets while remaining a full participant in the global financial system."

Users can still use familiar services like Visa cards, bank accounts, and international transfers while retaining control over their assets. He describes this as a fundamental shift in the ownership model. One account, one balance, without borders --- whether using cryptocurrency or fiat, operating smoothly within a city or across continents is the vision WeFi aims for.

He identifies "intermediaries" as the biggest problem in cross-border payments. As the number of institutions that must be passed through increases, costs rise, speed decreases, and transparency diminishes. Stablecoins have made it possible for the first time to transfer value at speeds close to that of data moving on the internet. WeFi's goal is to connect this new infrastructure to the existing financial system, not to replace it.

He also brought the abstract expression of "financial sovereignty" down to earth.

"For most people, financial sovereignty is not a philosophy. It is the assurance that my money is truly mine."

The ability to travel, work remotely, earn in one country and live in another, and make payments worldwide without opening multiple bank accounts. He states that users should be able to handle funds as naturally as they handle emails today.

Collaboration with Visa --- Not Competition but Combination

WeFi recently announced a collaboration that allows users to use their stablecoin balances at any Visa merchant. For him, who spent many years at Visa, this partnership is significant both professionally and personally.

"I have spent several years at Visa and fully understand the standards required for security, stability, and user experience quality. Now we are building a bridge between traditional payment infrastructure and the new digital financial system."

He was firm about the perspective that views Visa and decentralized finance as competitors.

"I do not see them as competitors. Visa is the world's best system for payment approvals and collections, while blockchain is a completely new way to store and transfer digital value. The future belongs to hybrid models."

The Remaining Challenge is Experience, Not Technology

Stablecoin payments are often referred to as the "killer app" of crypto. When asked what more is needed to pay for a cup of coffee with stablecoins without a second thought, he shifted the focus of the problem.

"The core challenge is no longer technology. The current challenge is user experience."

Users should not have to think about where the liquidity is, what blockchain is being used, or how the currency exchange is taking place when paying for coffee. This is the point WeFi is first capturing as it designs infrastructure based on the concept of "on-chain bank accounts." The vision is to provide familiar services on a new layer of infrastructure, globally catering to various segments from travelers to premium banking customers who prioritize time value.

Self-custody also faces the same issue. It gives control but is difficult to handle.

"Most people do not want to become cryptography experts."

WeFi places emphasis on ensuring that funds can be used for everyday payments while implementing a multi-layered personal key security system that includes cold wallet storage. General card payments in POS and e-commerce, as well as mobile payments like Apple Pay and Google Pay, should be as convenient as ordinary payments. Batuev described this as a structure that transforms "today's everyday consumption into a lifestyle and tomorrow's assets."

Regulations Can Be Obtained, But Trust Must Be Earned Daily

The expansion of WiPay is carried out in stages depending on the licensing situation in each region. When asked which is harder to obtain, regulatory clarity or user trust, he answered in one sentence.

"Regulatory approval can be obtained. User trust must be earned every day."

Therefore, WiPay collaborates with global partners such as licensed financial institutions, Visa, electronic money institutions (EMIs), card service providers, and manufacturers, operating them within the DeFi banking framework to maximize operational efficiency and customer accessibility.

Asia, and Korea

WiPay has identified the Asia-Pacific region as a priority. Batuyev assesses Asia as a global testing ground for financial innovation for a long time, stating that it has already surpassed other regions in many aspects.

"Users here adopt new payment methods much faster, and the market itself is very diverse."

A single strategy cannot be applied uniformly to Japan, Korea, and Vietnam. However, he notes that there are significant commonalities shared by a considerable number of users. They want to use international payment methods and have access to top-notch services and premium benefits. For those who frequently travel abroad, this is a necessity rather than a choice.

His evaluation of Korea was clear.

"Korea is one of the most mature cryptocurrency markets in the world. At the same time, it is a market where users expect very high product quality. It is not a place where 'immature' technology can be launched."

He believes that Korea has great potential precisely because of its high digital maturity.

Living in a Fragmented World

For him, this issue became personal at some point. As he accumulated experiences working and living in various countries, the fragmentation of the modern financial system became clearer.

"In the digital age, money seems like it should move freely like information, but in reality, every country, bank, and payment system operates under its own rules."

This is why transactions that should be simple, like remittances between personal accounts, subscription payments, and card usage abroad, become unexpected obstacles. The more jurisdictions he works across, the more pronounced this issue becomes. Even in an era where it is possible to earn income in one country, live in another, pay for services in a third country, and invest in global digital assets, financial tools remain tied to borders.

"People's lives are global, but financial infrastructure remains local. I see this gap as a core challenge for the industry."

This is why he views DeFi banking as more than just the next step in his career. It is about creating a system that reflects how people actually live.

The decision to leave Visa was not easy. He states that he has always judged based not only on stability but also on where the opportunities for technological leaps lie. The biggest changes in the history of finance have occurred not when existing models were refined, but when new models emerged. Having witnessed nearly all stages of evolution in the modern card industry, from digital wallets and tokenization to new authentication methods and real-time payments, the rise of blockchain as another infrastructure was an event he could not ignore.

Those close to him naturally asked the obvious question: why move to a field that still seems uncertain when he has a stable and successful career? However, they also knew that he was motivated by the opportunity to create products that could change the market rather than the name of a big company.

A Person Who Observes Payments While Traveling

When asked what he does outside of work, his response was that he continues to observe the payment systems of the countries he visits. He watches how people pay in stores, what methods they prefer, and how widespread QR payments, digital wallets, and cards are. For him, it is a professional curiosity that goes beyond work.

Another area that captivates him is artificial intelligence. He mentioned that he is more interested in how AI is becoming a new interface between humans and financial products than in how AI automates processes.

"I foresee that in the next few years, a significant number of everyday banking tasks will be carried out not through mobile apps but through intelligent digital assistants."

And then there is family. Working for an international company means frequent business trips and meetings, so he consciously tries to spend his remaining time with family. This not only helps maintain balance but also reminds him that technology exists not for its own sake but to make people's daily lives simpler and more convenient.

When explaining his work to friends or family who are not interested in crypto, he does not start with blockchain, tokens, or decentralization. He begins with everyday scenes like international remittances, purchases abroad, savings storage, and access to funds while traveling.

"If technology requires a long explanation, it means it is not yet sufficiently user-friendly for the mass market."

Three Years Later, the Measure of Success

When asked what he hopes WiPay will change in three years, he replied that he wishes the concept of 'using DeFi banking' becomes commonplace. Users should not have to think about the technology that moves their money. What matters is the outcome: immediate access to funds, safe storage, payments worldwide, and seamless transitions between traditional finance and digital assets without unnecessary procedures.

Today, people have to choose between bank accounts, crypto wallets, investment apps, and payment cards. He believes these functions will gradually merge into a single ecosystem, allowing users to maintain control over their assets while enjoying a familiar level of convenience, security, and global accessibility.

He stated that his personal measure of success is not the number of users or the volume of payments. While these are important business metrics, the real standard lies elsewhere.

"True success is when people no longer have to be conscious of the financial infrastructure itself. If they can live, work, and travel anywhere in the world without worrying about borders, currencies, or complex financial procedures, we have truly made technology invisible."

He added, "In my opinion, invisibility is the ultimate sign of maturity that all infrastructure can reach."

A person who was fascinated by a system that no one consciously acknowledges entered the payment industry and defined his success 20 years later in a state that no one consciously recognizes.

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