Visa, the world’s largest digital payments company, has teamed with more than 60 major crypto platforms to create card programs that allow customers to convert and spend digital currency at more than 80 million merchant locations across the world. Cuy Sheffield, Visa’s head of crypto, said in an interview that the company has gained a lot of traction in the crypto area and that it would continue to help the ecosystem in ways other than card-based services.
A little about VISA
Visa Inc., based in Foster City, California, is an American international financial services firm. It supports electronic financial transfers all around the world, with Visa-branded credit cards, debit cards, and prepaid cards being the most frequent methods. Visa is one of the most valuable corporations in the world.
Visa does not issue cards, grant credit, or set rates and fees for consumers; instead, it sells Visa-branded payment products to financial institutions, which they then use to offer credit, debit, prepaid, and cash access services to its clients. Visa’s global network (known as VisaNet) completed 100 billion transactions with a total amount of US$6.8 trillion in 2014, according to the Nilson Report, a journal that studies the credit card industry.
ALL ABOUT THE FUSS
According to Sheffield, Visa’s crypto activity has risen significantly in scale and breadth. Visa now has hundreds of people working on cryptocurrency in various divisions, up from a handful only a few years ago. Visa has doubled the number of contracts with crypto platforms in the last 18 months, increasing the total to 60, he claims. Client views about bitcoin have shifted over the last several years, from scepticism to awareness, to the realization that cryptocurrency will very surely affect their current business.
Visa conducted a global poll on consumer perceptions of cryptocurrencies in order to better understand how people think and feel about it. Cryptography is practically commonly recognized, according to the statistics. A significant number of people (almost one-third) have used it as a financial instrument or a means of trade.
According to Sheffield, non-fungible tokens, or NFTs, will play an increasingly important role in retail, social media, entertainment, and business in the future. Merchants, brands, and content platforms who want to be a part of the NFT-commerce ecosystem have shown a strong desire to do so. In August 2021, the organization was able to build that core expertise thanks to the purchase of a CryptoPunk for $165,000 (approximately Rs. 1.22 crores). According to Sheffield, Visa’s ultimate goal is to connect the crypto economy to its global network of 80 million merchant locations and over 15,000 financial institutions.