In the H1 of 2021, Visa credit card holders spent over $1B on cryptocurrencies. The company released this data on its blog.
For credit card programs, Visa has partnered with 50 crypto industry representatives such as Coinbase, FTX and other largest services. Consumers of these companies will be able to use their holdings, or change them in 70M traders that support the payment system.
In the future, Visa intends to actively participate in the crypto economy, offering users an ever wider range of services, thereby supporting the trend of "digital transformation" of finance around the world.
Visa representatives highlighted that sellers are not required to take digital currencies straightly, since they will be turned into the money they allow when making a payment. For the availability of calculating and switching funds, Visa collaborates with such crypto industry giants as Crypto.com, CoinZoom and different firms that help in the issue of crypto-fiat transactions.
The payments system sees demand for stablecoins, noting that they are successfully coping with the role of digital fiat and are halfway to becoming a critical participant in the change of monetary services. Visa, in turn, is pleased to assist with stablecoins in this, supporting the growth of the industry.
Their main goal is to meet consumer demand for the new asset class, while implementing a convenient way for retailers to receive payments, said Visa's Cryptocurrency Division Director Cuy Sheffield. The main problem was that not all of them want to update their equipment due to the introduction of digital currencies.
Visa's CFO is also optimistic about digital currencies. He stated that Visa is developing a harmonious ecosystem, in which it will be even easier to use crypto assets and, by intuition, will resemble fiat. At the same time, he stressed that the company doesn't intend to invest in BTC and other cryptocurrencies yet, following the example of MicroStrategy, Tesla and other large corporations.
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