Visa has been planning to enable cryptocurrency payments at their merchants for quite a while. The plan was to allow users to spend their cryptocurrency holdings directly to purchase stuff without having to trade it for fiat first. Well, to make that happen, Visa partners with 60 crypto platforms which will enable the option at 80 million merchants worldwide. This kind of support is unprecedented, and their payment network is going to be one of the largest in the crypto space. Visa also said that they would continue to support the crypto ecosystem in various ways.
Visa & crypto
Being one of the largest payment processing companies, they have an extensive network and influence. Visa enabling crypto payments is undoubtedly going to make crypto payments more common globally. At the same time, when people see that it is supported by such a large company, the adoption will also increase. The company’s head of crypto, Cuy Sheffield, said that Visa’s scale and scope of work in the crypto space had grown quite a lot. Initially, only a few people were working on crypto, but now hundreds of employees are contributing to the crypto programs.
Visa’s partnership with the crypto platform includes many popular names like FTX, Coinbase, Binance, Crypto.com, BlockFi, and more. These platforms also have lending programs that will make it easier to for customers to pay at merchant locations. Crypto-linked cards that Visa plans on issuing will make it incredibly convenient to use digital currencies as a payment medium. They will work just like normal cards.
Why is this going to be awesome?
Due to the volatility of crypto, it is seen that merchants don’t favor accepting them for payments. But Visa kept this in mind, and to tackle this; they will be converting crypto to fiat instantly as the transaction will happen. It will be seamless, and neither the store nor the consumer will face any problem. And as fiat will be received by the store owners, they will also be happy. This is where the real adoption will come in.
I hope Visa has an option where merchants can keep crypto payments as it is if they want. Or even better, they could have an option to convert a part of it to fiat and keep the rest. What are your thoughts as Visa partners with 60 crypto platforms to enable payments at 80 million merchants worldwide? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.