The international payment system Visa announced the expansion of partnerships with cryptocurrency companies, the goal of which is to allow holders of bitcoins and other altocins “digital money” to pay with them anywhere, not just where cryptocurrency is accepted. The number of partners, as Business Insider writes with reference to a Visa representative, will exceed 50, including the FTX and Coinbase crypto platforms.
The solution for cryptocurrency payments launched earlier by Visa allows customers to pay for the purchase with cryptocurrency, having previously converted the funds into fiat currency. This can be done at any of the 70 million merchants worldwide that accept Visa. For the merchant, such a transaction is no different from a regular one and does not require any additional steps.
In the case of some cryptocurrencies, customers of the new Visa program can receive cashback in digital money instead of regular ones. The head of the cryptocurrency department of the payment system, Cuy Sheffield, told that in the first half of 2021, spending on Visa cards tied to crypto wallets exceeded $ 1 billion.
As noted by CNBC, the main competitor of Visa, Mastercard, intends to launch a cryptocurrency program this summer. True, there is only one partner so far, the Gemini exchange, and you will not be able to spend digital money, only receive a cryptocurrency cashback to your wallet.