According to Visa, consumers worldwide bought more than $1 billion in bitcoin via crypto-linked Visa cards in the first half of the year. The payments giant also stated that it is teaming up with 50 major crypto platforms to launch card programs that make it simple to convert and spend digital currency at 70 million businesses across the world.
Visa Inc. collaboration
Visa CFO Vasant Prabhu told CNBC that their network sees many individuals purchasing cryptocurrencies at these different licensed exchanges, and that trend seems to be continuing.
Vasant Prabhu went on to say that they are working hard to build an environment that would make bitcoin more useful and comparable to traditional currencies. People are looking at how they can utilize cryptocurrencies for things they normally use regular money for.
Visa Inc., based in Foster City, California, is an American global financial services company. It enables electronic money transfers all around the globe, with Visa-branded credit cards, debit cards, and prepaid cards being the most popular methods. Visa is one of the most valuable businesses in the world.
Fintech Fast Track Program
Blockfi, Coinbase, FTX, and Circle are among the crypto platforms with which Visa is collaborating in its Fintech Fast Track Program. Part of the goal of the initiative is to make cryptocurrencies more feasible for consumer and corporate expenditures.
Clients will convert and spend cryptocurrencies at 70 million merchants globally, even those who do not accept digital assets, thanks to the agreements. One of the features being developed is the ability for customers to spend fiat currency and receive cryptocurrency as a reward.
Cuy Sheffield, Visa’s director of cryptocurrency, told Business Insider that even though more than $1 billion was spent on crypto-linked Visa cards in the first half of 2021, he believes there is still more potential. He clarified that the businesses are not required to make any changes. To them, it will be just like any other Visa transaction. However, the crypto assets are immediately transformed into cash on the backend.