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Visa is taking the next step by teaming up with more than 50 cryptocurrencies

Photo of: Joseph Stone
by Joseph Stone

A few months ago, Visa followed Paypal’s lead in democratizing access to and use of cryptocurrencies as a means of payment.

The American payment giant is partnering with more than 50 crypto platforms around the world. The ultimate goal? To allow its users to pay in cryptos using a credit card!

Visa’s leaders understand that the future of payment will be tied to cryptocurrencies. A few months ago, Paypal started the first phase of its deployment. A deployment that will eventually allow more than 350 million users to pay for purchases from more than 25 million partner companies. A colossal stake in short.

Faced with this action, Visa has quickly responded by displaying its willingness to eventually offer payment in cryptocurrencies by credit card. Let’s remember that the Visa group has more than 3.5 billion bank cards worldwide. For more than 400 transactions per second in France alone. These are impressive figures that demonstrate the potential of the payment market.

Among the initiatives turned towards crypto, we can also mention the integration of the stable coin USD Coin in the Visa payment network. The CEO of the American group never hesitates to reiterate his company’s position on the subject of cryptocurrency integration.

“We believe we are uniquely positioned to help make cryptocurrencies more secure, useful, and applicable for payments through our global presence, partnership approach, and trusted brand.”

This partnership concluded with nearly fifty platforms including strongholds such as Coinbase, FTX or Crypto.com should allow nearly 70 million Visa users to make payments in digital currencies. A device that will not require merchants to accept digital currencies, since it will automatically convert the amounts into cash.

In detail, it will link a bank card to a digital wallet of cryptocurrencies. By this means, it will then become technically possible to pay the grocer downstairs in cryptocurrencies.

Visa thus seems to be positioning itself on this growing market. According to figures published by the company and for the first half of 2021, consumers would have spent more than a billion dollars via Visa cards backed by crypto platforms.