Visa will soon allow you to pay with crypto anywhere its cards are accepted
Visa says more than $1 billion was spent using such cards in the first half of 2021 alone.
Consumers can soon use their Visa cards to pay with crypto anywhere the company’s cards are accepted – nearly 70 million places worldwide, the company announced earlier this week. Coinbase and FTX are two cryptocurrency platforms partnering with Visa to make this happen.
Consumers can use their cards to pay with crypto anywhere the company’s cards are accepted. The best part about all this is that merchants don’t have to do anything on their end. Instead, customers pay with their credit card, and Visa figures out all the stuff in the backend and automatically converts the fiat currency.
“The merchants don’t have to change anything,” said Cuy Sheffield, Visa’s head of cryptocurrency, tells Insider. “It will be the same as any other Visa transaction to them. But on the backend, the crypto assets are instantly converted into fiat.”
These crypto-linked Visa cards that let customers buy things directly from their crypto wallets are already huge successes. According to Visa, more than $1 billion was spent using these types of cards in the first half of 2021. So yea, it’s safe to say that these cards are a massive success.
This is a great move by Visa. Not only will this open the door to potential crypto investors, but it just makes it easier for everyone to understand crypto. Instead of buying something and going through the complicated process of withdrawing funds from a crypto wallet, folks can now use their debit card. Simple as that.
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