Visa’s Partnerships with Crypto Exchanges Result in $3 Billion in Payment Volume
During the Blockchain Economy Summit in Dubai, Akshay Chopra, Vice President and Head of Innovation & Design at Visa CEMEA, revealed that Visa’s collaborations with cryptocurrency exchanges have facilitated over $3 billion in payment volumes since 2021. The event featured key figures in finance, including representatives from Mastercard and VanEck.
Huge Payment Volume
Visa strategically partnered with the top 75 crypto exchanges last year to offer crypto cards, allowing Visa cardholders to spend cryptocurrencies at over 80 million merchants worldwide. This move aims to make crypto payments more convenient for everyday use and has demonstrated strong demand with $3 billion in payment volumes in 2021 alone.
“Building that bridge alone in 2021, and these numbers haven’t really been made public, facilitated $3 billion of payment volume,” said Chopra. He added that this gives traditional finance opportunities to harness the power of Web3.
Visa also collaborated with Circle, the issuer of stablecoin USDC, to address the problems of all-day cross-border transactions, costs, and inefficiency. The extended partnership with Circle aims to expand stablecoin capabilities for international transactions, providing a faster and cheaper alternative to traditional methods.
Regulatory challenges remain a barrier to widespread adoption of crypto-based payments. While some countries like the United Arab Emirates have developed frameworks to oversee and foster innovation in the sector, others are still struggling to establish transparent legal frameworks.
Growing Adoption
Visa is not the only company embracing crypto’s potential. Mastercard has its own Crypto Card Program in partnership with Nexo, Gemini, and Tap Global Limited. PayPal has also made significant moves in the crypto space, launching its own stablecoin and adding off-ramp services for Web3 payments.
As more payment and tech companies show interest in crypto-related offerings, the options for crypto users will continue to expand.
Hot Take: Crypto Payments on the Rise as Visa Facilitates Over $3 Billion in Payment Volume
Visa’s partnerships with cryptocurrency exchanges have proven successful, with over $3 billion in payment volumes since 2021. By collaborating with top crypto exchanges, Visa has enabled its cardholders to spend cryptocurrencies at millions of merchants worldwide. This move towards integrating crypto into everyday payments reflects the growing demand for convenient and accessible crypto transactions. However, regulatory challenges remain a hurdle to widespread adoption, with some countries lagging behind in establishing clear frameworks. Nonetheless, Visa’s success in facilitating crypto payments highlights the potential of Web3 and encourages traditional finance institutions to embrace the power of blockchain technology.
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