Visa Intends To Scale Up Collaboration With Cryptocurrency Platforms
The ability to pay for metro travel or buy coffee using cryptocurrency is still available to only a few crypto-debit card users. There is good news for crypto enthusiasts: Visa has announced its readiness to expand its cooperation with digital currency platforms. Is a revolution in the traditional payment system coming?
Visa supports integration with crypto projects
The largest payment system Visa has repeatedly considered the possibility of combining the best aspects of a traditional centralized system with digital currency platforms in a single project. Since 2019, Visa has been actively cooperating with the cryptocurrency platforms Coinbase and Fold and has announced its readiness to expand the number of partners who specialize in crypto exchanges.
Visa said it sees a great future for digital currency through which the traditional global financial infrastructure can transform beyond recognition. If earlier the company was skeptical about cryptocurrency, now we are seeing the opposite trend: Visa is establishing cooperation with blockchain startups, expanding the team of specialists who are engaged in the development and improvement of cryptocurrency payment cards.
Visa commented on its stance towards digital currencies:
“Digital currencies have entered the everyday life of society. Our challenge now is to expand our partnership with digital currency platforms so that every Visa customer can benefit from the benefits of digital currencies. ”
Visa currently serves over 25 crypto wallets. Their owners can convert cryptocurrencies into fiat, pay for purchases using a Visa debit card. This collaboration has already received positive feedback from payment card users. It is why Visa plans to expand the geographic distribution of crypto cards and is considering establishing partnerships with other digital platforms besides Coinbase and Fold.
The collaboration of the international payment system with cryptocurrency projects has a positive impact on both sides. Thanks to the introduction of crypto-cards, Visa is already recording the growth of the audience of users in different parts of the world. On the other hand, cryptocurrency platforms have the opportunity to get closer to users by simplifying the process of using digital currency to pay for goods or services.
Experts from Visa understand what weaknesses the digital currency still has, despite its innovation. In particular, this concerns the issue of the security of user data. That is why Visa in 2019 began a partnership with Anchorage, which is developing solutions aimed at strengthening the security system when conducting transactions in digital currency.