In a recent interview with NDTV, Visa’s head of crypto City Sheffield talked about the progress of Visa in the crypto space. He highlighted that Visa has partnered with 60 major cryptocurrency platforms for crypto payments to 80 million vendors. Visa has collaborated with leading cryptocurrency platforms like Binance, Coinbase, FTX, BlockFi, and Crypto.com. Sheffield believes in the future of cryptocurrency and wants to extend its usability across regions and consumers. As a result of these efforts, many people can now conveniently pay for goods and services with cryptocurrency without having to find specific merchants who accept crypto payments. Being one of the leading payment systems in the world, Visa has the advantage of influencing a huge number of people in different parts of the world. Since Visa does all the conversion tasks in the background and instantaneously, it makes the process convenient for both buyers and sellers.
Crypto adoption rates have steadily increased over the past years and it has finally become mainstream. With the growth of cryptocurrency users, there is also a need for mainstream payment gateways working with cryptocurrency. Visa is leading in this field, but others like MasterCard are trying to catch up.
Many people have speculated about the difficulty of carrying on day-to-day transactions. However, with the right infrastructure in place, it can soon be feasible to buy mundane items and services with digital assets. In 2022, crypto adoption rates will go up significantly due to these developments.