Reshab AgarwalThe era of cryptocurreny is going to begin very soon, or could we say it has already begun. Well, the CEO of VISA, one of the largest payment method companies globally, did say that they are working to “enable bitcoin purchases”. If that happens very soon, every merchant that comes under them could receive payments in cryptocurrency. This will make it ultimately possible to actually treat them as a curreny and not an investment.
What does Visa plan to do?
It is not that easy for Visa to implement a proper Bitcoin payment method system. This is because if they just accept Bitcoin and store it as it is, many of their merchants might not be happy. Most possibly, more of them would want a more stable form of curreny like the dollar. So, Visa is looking to partner with some Bitcoin wallets that will help them convert the received payments instantly into fiat curreny. It will then be transferred to the merchant’s account.
It is also very possible that with time, Visa adds the options of other popular cryptocurrencies to be used as a payment method. This includes Ethereum, ADA, Tether and others. The CEO of the company did add that they are looking into stablecoins being seen as a valid payment method on their platform. He believes that they could really take off. As of now, Visa os focusing on Bitcoin and has partnered up with are BlockFi, Fold and Crypto.com.
How will adding Bitcoin as a payment method change everything?
One of the main reasons to enable Bitcoin purchases is to help smaller businesses generate more revenue. Visa says that it could be very beneficial for a lot of stores. At the same time, the use of Bitcoin as a payment method will be widely accepted very soon. Even now, Bitcoin’s price has been going up and up, so with this new move, there could be a huge bullish trend, and we could soon touch $100k. We have already seen companies investing a lot in Bitcoin. So, it won’t be a shock to see them accepting their investment as a payment method. Even Tesla, after than $1.5 B investment, did say that they will soon start accepting Bitcoin payments.
Other companies enabling crypto purchases but not Bitcoin
Another major payment method company that plans on adding crypto purchases for their merchants is Mastercard. But it is said that the company will not add BTC to their payment portal. And the reason cited for this is very practical, that is, volatility. Mastercars thinks that BTC is very volatile to be used as a payment method, and I don’t think they are wrong. So, yeah, they will be supporting stabler cryptocurrency like Tether.
What are your thoughts on the fact that Visa will soon enable Bitcoin purchases? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: This one person saved SpaceX from shutting down.