Visa and Mastercard are two companies that have been planning to offer crypto payments for all their merchants. And recently Visa has partnered up with 50 crypto firms for the same. The company already recorded more than $1 billion in transactions with crypto linked cards of Visa. So, there is a huge opportunity here for them with crypto getting more popular every day. Therefore Visa is planning to launch more card programs to make it easy to “convert and spend digital currency”. The easier it becomes to use crypto the more transactions they record.
Visa plans to offer crypto payments
Considering that cryptocurrencies are in a growth phase right now the fact that VISA saw $1 billion in crypto transactions in the 1st half of 2021 was huge. This already shows how much potential crypto has as a payment medium. And people are actually inclined towards using the medium. Now when Visa enables crypto payments at 70 million merchants and also makes the spending process easier, the numbers will jump.
The CFO of Visa already recognizes the fact that there is a lot of volume of people buying crypto from exchanges. And this trend has made them deep dive into crypto. He also added that they are trying to create an ecosystem that will make crypto more usable and practical. This will ultimately bring crypto a lot closer to fiat. And the merchants also won’t have to put any effort as the crypto will be converted to fiat directly on the backend.
Crypto vs fiat
Crypto replacing fiat is going to be very difficult and might not be even possible. But if all major companies start accepting crypto payments and the volatility of BTC and ETH decreases, we might actually see it compete with fiat. Visa embracing crypto and enabling payments at 70 million merchants will compel Mastercard to follow in their footsteps. And suddenly, we will realise almost all major payment companies have enabled crypto. It will also be important to get people on board with the payment medium, and for that, we have the government that will regulate the currency sooner or later.
What are your thoughts on Visa partnering with cryptocurrency firms to offer crypto payments? And do you think that people will be inclined towards using crypto if the process is simple? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.