30.11.2021

How does the Visa payment system work with cryptocurrency platforms?

The chief financial officer of the payment system named the main direction of work in the cryptosphere.

Payment system Visa spoke about its work in the cryptosphere. As it became known, Visa is currently cooperating on card issues with “50 leading cryptocurrency platforms, which facilitates the conversion and spending of digital currency for the purchase of goods and services from 70 million retailers in the world.” In the first half of this year, more than $ 1 billion was spent using those Visa cards that are focused on the use of cryptocurrencies.

It is noted that “the cryptocurrency community sees a benefit in the fact that digital currencies are connected to the global capabilities of Visa: it is important that these programs do not require coffee shops, dry cleaners, grocery stores to directly accept cryptocurrencies when paying for goods and services. A kind of miracle happens, “put the device and went further”, when it is possible to use digital assets without any difficulties. ”

As Visa Chief Financial Officer Vasant Prabhu explained:

“We are doing a lot to create an ecosystem that makes cryptocurrency more useful in terms of practical use, just like any other means of payment.”

In fact, we are talking about scaling at the global level using the Visa infrastructure technology for automatically converting cryptocurrencies into ordinary money, which then allows the latter to pay for goods and services. BitPay was one of the first to provide such a service.

As noted by Kai Sheffield, Head of Cryptocurrency at Visa:

“Companies that sell goods or provide services do not need to carry out any exchange transactions. For them, it is just like any other transaction in the Visa system. At the same time, “at the other end” of such a transaction, there is a process of instant conversion of cryptocurrency assets into ordinary money ”.

As Sheffield explained, the convenience for retailers is that they don’t have to go into the technical details of what cryptocurrency is and how blockchain works in order to serve a digital asset customer.

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