Visa Taps Leading Crypto Platforms So Users Can Spend Digital Currency Worldwide
Image via Kikinunchi / Shutterstock.com
Visa has announced a partnership with 50 of the world’s top cryptocurrency platforms, including well-known names such as Coinbase, FTX, and CoinZoom.
Now, consumers will be able to convert and spend their digital currency at over 70 million merchants Visa supports worldwide.
In the last two years, cryptocurrency has not only been used to store value, but has also become a means of trading and purchasing. In fact, Visa said that in the first half of 2021, more than US$1 billion was spent on cryptocurrency-linked debit and credit cards.
How it works: consumers will be able to make purchases using their digital assets, though to the merchant, it will be just like any other Visa transaction. On the backend, the cryptocurrency will be instantly converted into legal tender.
Alongside this new feature, Visa is also introducing a rewards program that will allow consumers to spend fiat on their cards and earn cryptocurrency rewards, similar to how traditional credit card rewards programs work.
According to TechSpot, Visa believes this could be a way to win longterm customer loyalty from both new and seasoned cryptocurrency holders.
“You have this growing number of consumers with assets on crypto platforms, trading crypto, holding crypto – and then millions of merchants who don’t really understand crypto. They don’t want to have to update their point of sales and terminals and figure out what a blockchain is,” said Cuy Sheffield, Visa’s Head of Cryptocurrency.
Visa’s main competitor, Mastercard, debuted the first-ever cryptocurrency rewards card back in April, allowing users to earn cryptocurrency rewards in real-time. It shouldn’t be long before Visa comes out with a cryptocurrency credit card of its own.
[via TechSpot, cover image via Kikinunchi / Shutterstock.com]
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