According to a Visa blog post from 7 July, the company is set to partner with 50 leading cryptocurrency platforms on card programs. Visa said that over $1 billion has been spent on crypto-linked Visa cards in the first half of 2021, showing that there is significant space to expand the offering to the crypto community.
Visa’s upcoming card programs will enable users to convert and spend digital currencies at over 70 million merchants worldwide. These programs won’t require merchants to directly accept cryptocurrencies at checkout, essentially removing the risk frequently associated with cryptocurrency payments.
Cuy Sheffield, Visa’s Head of Cryptocurrency, told Business Insider that the merchants won’t have to change anything, with all of the work being done on the Visa transaction backend.
“You have this growing number of consumers with assets on crypto platforms, trading crypto, holding crypto – and then you millions of merchants who don’t really understand crypto. They don’t want to have to update their point of sales and terminals and figure out what a blockchain is,” he explained.
A quarter of the companies in Visa’s Fintech Fast Track program are currently working to issue Visa cards linked to a crypto platform. The FTX exchange has become the latest member of the program, as have Coinbase, Crypto.com, and CoinZoom. Visa is also working on expanding existing partnerships with BlockFi and Circle, as well as adding new stablecoin settlement methods.