The behemoth payments company, Visa, announced on July 7 that it recorded over $1 billion worth of cryptocurrency expenditures in its customers across the globe through cryptocurrency-linked Visa cards in the first half of 2021. The multinational payments company noted that it is partnering with 50 top crypto platforms “to launch card programs that make it easy to convert and spend digital currency at 70 million merchants worldwide.”
In an interview with CNBC, Visa Chief Financial Officer Vasant Prabhu noted that:
“We see a lot of volume on our [network] of people buying cryptocurrencies at these various regulated exchanges, and as far as we can see, that trend continues.”
“We are doing a lot to create an ecosystem that makes cryptocurrency more usable and more like any other currency. People are exploring ways in which they can use cryptocurrencies for things they would use normal currencies for.”
Visa Customers to Use Crypto at Over 70 Million Merchants Globally
Dubbed the Fintech Fast Track Program, Visa revealed that some of the crypto companies involved in the project include Coinbase, Blockfi, Circle, and FTX. The payments company noted that the project aims at making cryptocurrency more practical in everyday use and business spending.
The new undertaking will allow clients to convert and spend cryptocurrency seamlessly at 70 million merchants globally, including merchants that do not accept digital currencies. Visa revealed that one of the exciting features it is working on is allowing users to spend fiat and earn cryptocurrencies as a reward.
Visa head of cryptocurrency Cuy Sheffield told the Insider that with the recent number achieved in the first six months of 2021, he believes that the potential is massive. He explained that:
“The merchants don’t have to change anything. It will be the same as any other Visa transaction to them. But on the backend, the crypto assets are instantly converted into fiat.”
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