Visa/Mastercard consider crypto an existential threat - the value add that they have in terms of consumer protection, middleman conflict resolution, and fraud prevention does not add up to that 2-4% level of value, and they admit that. Trust and the network effect keep them in play for now.

https://qz.com/1646097/what-does-facebooks-crypto-coin-libra...

Crypto transactions however, have not lived up to the "hype" of being truly cheap thus far. Visa/MC are positioning themselves such that the value they bring is not something that crypto can provide. We'll see where that ends up - I'd expect Visa/MC stock to move a bit if the transaction fees for Libra end up being sub-$.05.

This 2-4% being thrown around appears to be incorrect, as @dan1234 pointed out elsewhere here.

The Mastarcard fees appear to be 0.2%-1.65% as per https://www.mastercard.co.uk/en-gb/about-mastercard/what-we-...

That chart is interchange fees, which is only a portion of the overall "switch" fees paid by the merchant.

It isn't clear to me that you wouldn't still have payment processors anyway.

In the UK right now I can send money to your account nearly instantly, and for free. I wouldn't want to purchase anything like that though, I'd want to use some kind of card, why would Libra be any different?