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Crypto is a Significant Engine for Growth over the Traditional Financial System : Visa CEO

 

Cryptocurrencies, with their underlying blockchain technology and entirely decentralised ecosystem, have the potential to transform the global financial sector. Cryptocurrencies can not only eliminate intermediaries, lowering transaction costs, but they can also alleviate the worldwide unbanked dilemma. However, the associated expenses of fiat-to-crypto conversions via local exchanges, intricate regulatory laws, and the limited adoption of cryptos in the real world keep crypto from becoming widespread.

 

To address these issues, Visa, the global payments technology business, is cooperating with a number of crypto service providers. The transcript of Visa’s fiscal third-quarter 2021 earnings conference call shows the platform’s attempts to make cryptocurrencies accessible to the global population.

 

β€œIn the crypto area, we recently struck three partnerships: one with Tala to partner on cryptocurrency solutions for the global unbanked; and two with crypto exchanges, FTX and CoinZoom, to begin issuing Visa cards,” said Visa CEO and Chairman Al Kelly. We now have over 50 crypto wallets and platforms, up from 35 in the first quarter and more than the next top network. And they combined drove over $1 billion in payment volume, representing a strong growth engine.”

 

Visa has teamed with CoinZoom to offer five different CoinZoom Visa Cards to its US consumers. These Visa cards are linked to the CoinZoom wallet, allowing users to pay bitcoin for products and services at over 53 million merchant stores and VISA Partner locations globally. Furthermore, the five Visa card tiers provide users with distinct incentives such as discounts, rebates, and awards based on their CoinZoom wallet balance.

 

Another significant worldwide payment technology, PayPal, is also helping to promote crypto’s widespread adoption. Checkout with Crypto, a new tool for US clients, was just enabled by the site. As more service providers, including Square, Gemini Pay, and Mastercard, offer cryptocurrency, crypto retail payments will become more widely available worldwide, allowing users in developing and third-world nations to participate.the financial revolution