Visa Plans To Enable Crypto Payments at 70 Million Merchants!
VISA is one of the leading global payment solutions that is famous for its credit and debit cards. As one of the most dominating companies in the space, it has recently announced a partnership with 50 leading crypto exchanges which will enable crypto payments at 70 Million Merchants. That's huge, right?
It has been reported that more than $1 billion had been spent across those crypto-linked VISA cards through the first half of the year. 'Crypto Payments' is the future and this space has seen continued growth over the past few years.
Crypto Value Added Services
This new partnership will allow VISA to provide the following services to its customers:
- Buy crypto directly with fiat on exchanges using VISA credit and debit cards
- Spend crypto across merchants. At checkout, crypto will be converted to Fiat and credited to the seller's account
- Crypto rewards system where customers get crypto rewards when they spend fiat.
- USDC coin will be used to settle payments. In the future, more stablecoins might be added.
- Users will be able to apply for chargebacks (or cancellation requests) on their crypto payments.
VISA's Global Network
Visa is the largest of the four major US credit card networks. $1 billion worth of crypto-linked transactions is a small number if you compare the overall $6 trillion transactions. Demand for digital assets will continue to grow and crypto will catch with fiat sooner or later.
Visa is driving global commerce with 3.3 billion cards in use. They account for more than 45% of all global card purchase transactions. This number is huge and it could mean great things for crypto adoption since VISA is all in on it. Partnerships with Coinbase, Circle, and BlockFi are allowing its card users to create a wallet and purchase digital assets like Bitcoin, Ethereum etc. I can only imagine the impact this would bring on the current crypto market.
In a few decades, we might see money becoming fully Digital. VISA's positive approach towards crypto is a great sign. Digital Payment systems can expand with Digital currencies to a wider audience. We also need to understand that these are centralized systems and they will have full control over your wallets unless you own the keys to your crypto. Convenience comes with a cost!
Do you think the Crypto networks and their usage will grow with this new partnership? Please comment below!
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this is cool, I'll still keep my crypto.com card around. But always interesting to see how this space evolves. I wonder which exchanges are part of this program..?
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I couldn't find the list of these 50 exchanges. But they are doing it all over the world so it's great.. should be able to serve a wide variety of audience.
I could really use one of these cards ;)
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Coinbase, Blockfi, Circle, and FTX.. Thats cool, I think these are all US regulated exchanges.
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It's nice to see this but I am wondering what will happen when regulations pop up (I expect it to come eventually but I hope they take forever to talk about it). Will we still see the same behavior or will we suddenly have reversible transactions?
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I think the way VISA see the value in digital assets, they will work with the government to set regulations that would help the space to expand even more. I am a bit positive about it although I don't trust them.
'Regulations' will be the next trend in crypto and it's going to be very interesting to see how it unfolds.
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I can confirm that at the moment, Visa debit card does not allow me to connect to Binance to purchase crypto. What a bummer!