Global payments giant Visa is set to collaborate with over 60 crypto platforms to make payments using digital assets possible for its customers. This is good news for shoppers who are hoping to use cryptocurrencies.
Cuy Sheffield, head of crypto at Visa, told NDTV that in the past 18 months, it has more than doubled the number of its crypto partners. He revealed that the American company’s work in crypto has grown significantly. Sheffield said they now have hundreds of employees at Visa working on crypto. Previously, it used to be a handful of employees. The global credit card giant has recorded growth in the interest of its clients and customers for cryptocurrency.
Initially, there were skeptics. Visa says the skeptics have evolved through interest, awareness and understanding, and are now crypto enthusiasts. And this is a good impact on businesses and the crypto market.
Sheffield believes crypto-linked cards are the need of the hour. With the mass adoption of cryptocurrencies across the world, people want to use them. Consumers with crypto-linked cards will have the ease and privilege of converting and spending their cryptocurrencies. They can use it to enjoy a good cup of coffee at their favorite joint or for dry cleaning or buy their weekly groceries. It will just be like a traditional-fiat currency-powered credit/debit card, with the catch being that it’s crypto-powered. It will use cryptocurrencies.
The crypto conversion to fiat/traditional currency will be instant. And very much a normal-crypto Visa transaction. Sheffield says Visa has processed $3.5 billion worth of crypto transactions. He said the company has partnered with leading crypto platforms – Blockfi, FTX, Coinbase, Binance and Crypto.com, etc. for the card programs. Sheffield added that the services can be availed globally.