According to recent findings, consumers are transacting a lot with crypto-credit cards. Visa sees especially big potential with stablecoins.
Visa announced via a statement on their website today that the company has reported over one billion dollars in transactions on their crypto-enabled credit cards. A recent statement from the company read:
“With more than $1 billion spent on crypto-linked Visa cards in the first half of 2021, it’s clear that the crypto community sees value in linking digital currencies to Visa’s global network.”
And Visa has taken a particular interest in stablecoins.
Visa and partners enable USDC stablecoin payments on crypto-credit cards
Visa is currently partnered with approximately 50 different companies in the crypto industry. One of these companies is FTX, a popular crypto derivatives exchange. It mentions in a report released by Visa that FTX is paying 50% of their remote employees in USDC stablecoin. Visa reveals here that they are interested in the technological advancement of finance. Another excerpt from the statement issued said:
“As we look to the future, stablecoins are on track to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support that development.”
Now, it’s not possible to walk into a store, for example, and pay for your items with Ethereum. But Visa has been working with their partners to facilitate a crypto settlement solution that would allow payments in USDC from the credit card. One partner in particular that is helping Visa build their fiat on-ramp solutions is blockchain services company Circle. Circle and Visa will work together to enable USDC payments from Visa’s crypto-enabled credit card.
Visa has created a solution for a fast adoption of crypto payments in regular day to day transactions without business owners themselves having to adopt their payment system to a cryptographic framework. Another statement from the blog at Visa said:
“It’s the magic of “tap and go” without the complexity of new acceptance points or cryptographic keys.”
So, business owners themselves can have entirely no idea that their customers are using crypto to pay for their goods.
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Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.