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Visa may soon accept Cryptocurrency payments, as it plans to partner with various cryptocurrency companies. This will enable its customers to make payments using digital currency via its cards in nearly 70 million places worldwide.
This will facilitate merchants to accept payments without doing anything, while customers pay using cryptocurrency using Visa cards. The digital currency will automatically be converted to fiat currency.
Cuy Sheffield, Visa’s head of cryptocurrency, speaking to Insider said, “The merchants don’t have to change anything. It will be the same as any other Visa transaction to them. But on the backend, the crypto assets are instantly converted into fiat.”
Cryptocurrency cards already exist in the market that allows customers to spend directly from their crypto wallets. According to Visa, transactions worth more than $1 billion have been done using such cards in the first half of 2021.
The current developments will allow customers to link their crypto wallets on platforms such as Coinbase with Visa cards.
Cryptocurrency for Daily Transactions
Cryptocurrency has been traditionally used for investment, until recent times where people spend it to buy a pizza. Providing an easy option to spend cryptocurrency will further boost its use in daily transactions. The adoption of an easy way to transact using Cryptocurrency will certainly change use cases beyond speculative investments.
Brand Visa will certainly help bolster the much-needed confidence and wider acceptance of digital currencies. Imagine you being able to spend Ethereum using your debit card instead of withdrawing it from your crypto wallet. Suddenly everything starts to look hassle-free, offers greater liquidity, and cryptocurrencies easy to use, inherently more useful.