Visa told about how it works with cryptocurrencies
Visa payment system spoke about its work in the cryptosphere. It has been learned that Visa is currently working on issuing cards with “50 leading cryptocurrency platforms that facilitate the conversion and use of digital currency to buy products and services from 70 million retailers worldwide.” In the first half of this year, more than $1 billion was spent on Visa’s cryptocurrency-focused cards.
It should be noted that “the cryptocurrency community sees advantages in tying digital currencies to Visa’s global capabilities: it is important that these programs do not require cafes, dry cleaners, and grocery stores to directly accept cryptocurrency when paying for products and services. A kind of “plug-and-play” miracle is taking place, where digital devices can be used effortlessly. “
As Vasanth Prabhu, Visa’s chief financial officer, explained:
“We’re doing a lot to create an ecosystem that will make cryptocurrency more useful for practical use, just like any other payment method.”
In fact, we’re talking about global scaling using Visa’s infrastructure technology, which automatically converts cryptocurrencies into regular money, allowing the latter to pay for goods and services. BitPay was one of the first to provide such a service.
Kai Sheffield, head of cryptocurrency at Visa, commented:
“Companies that sell goods or provide services don’t have to have an exchange activity. For them, it’s just like any other transaction in the Visa system. However, on the “other end” of such a transaction is the immediate conversion of cryptocurrency assets into regular money.”
As Sheffield explained, the convenience for retailers is that they do not need to get into the technical details of cryptocurrency and how blockchain works in order to serve the buyer of a digital device.