Visa, the global provider of digital payment services, has partnered with up to 60 major crypto platforms to bring card programs to market that make it easier for consumers to exchange and dispense digital currencies at 80 million merchants worldwide. In an interview, Cuy Sheffield, Visa boss for crypto, emphasized that Visa has built up some momentum in the crypto space and will continue to support the crypto ecosystem in more than just card-based services.
According to Sheffield, Visa’s crypto activity has grown significantly in size and scope. Visa currently employs hundreds of people working with crypto in some form in many departments, compared to just a few years ago. Visa has quadrupled the number of contracts with crypto platforms to 60 in the last 18 months. Notable names among these crypto companies so far include companies like FTX, Blockfi, Crypto.com, Coinbase and Binance.
Global payment providers have also seen customer attitudes toward crypto change in recent years, from skepticism to awareness to the realization that cryptocurrencies are sure to affect their current business.
Visa wanted to understand better how people believe and feel about Cryptocurrency, so they performed a global survey about consumer opinions. The data showed that cryptocurrencies are known around the world and a significant proportion of respondents (almost a third) have used them either as a financial instrument or as a medium of exchange.
Visa also expects non-fungible tokens or NFT to play a key role in retail, social media, entertainment and commerce in the future, according to Sheffield. Retailers, brands, and content platforms interested in participating in the NFTcommerce ecosystem have shown great interest.
The purchase of a CryptoPunk for $165,000 (approximately 1.22 billion rupees) in August 2021 helped the organization develop this basic knowledge as it had close contact with the NFT environment and is thereby better equipped to serve its customers help. Partners in understanding the NFT ecosystem to begin considering methods of expanding the crypto-economy.
