{"id":13513,"date":"2023-10-05T10:24:08","date_gmt":"2023-10-05T10:24:08","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=13513"},"modified":"2023-10-05T10:24:09","modified_gmt":"2023-10-05T10:24:09","slug":"crypto-cards-facilitated-3b-payment-volume-since-2021-exchange-deals-visa-exec","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=13513","title":{"rendered":"Crypto cards facilitated $3B payment volume since 2021 exchange deals \u2014 Visa exec"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>The integration of conventional payment cards with cryptocurrency exchanges is playing a crucial role in driving the adoption of digital assets, according to a Visa executive.<\/p>\n<p>Speaking to Cointelegraph reporter Ezra Reguerra during a panel at the Blockchain Economy Dubai Summit, Visa\u2019s vice president, head of innovation and design, Akshay Chopra, highlighted the role that Visa cards have played as a bridge between fiat currencies and cryptocurrencies in recent years.<\/p>\n<p><em>Cointelegraph\u2019s Ezra Reguerra (left) on stage with Visa\u2019s Chopra and Accenture\u2019s\u00a0CBDC and digital assets associate director Vladimir Nikolenko. Source: Cointelegraph<\/em><\/p>\n<p>According to Chopra, using cryptocurrencies as a means of payment for everyday items like a cup of coffee at a cafe is still not ubiquitous. To tackle this challenge, Visa partnered with 75 of the biggest cryptocurrency exchanges in 2021 to allow them to issue Visa cards. <\/p>\n<p>This opened up a network of some 80 million Visa merchants that could, by extension, serve customers who prefer to use cryptocurrencies as a means of payment. Chopra tells Reguerra:<\/p>\n<p>\u201cBuilding that bridge alone in 2021, and these numbers haven\u2019t really been made public, facilitated $3 billion of payment volume.\u201d<\/p>\n<p>Chopra highlighted this as one of several opportunities for conventional financial institutions to tap into the wider Web3 ecosystem.<\/p>\n<p><strong><em>Related:\u00a0Visa taps into Solana to widen USDC payment capability<\/em><\/strong><\/p>\n<p>Payments settlement between financial institutions remains another avenue ripe for disruption and innovation through blockchain-based solutions. Chopra says existing protocols like the SWIFT payment system still have limitations, including not being fully functional 24 hours a day:<\/p>\n<p>\u201cBanks have trillions of dollars of transactions with each other at the end of the day, but there is a cut-off time where you simply cannot transact internationally. It\u2019s a big pain point, and it\u2019s also expensive and inefficient.\u201c<\/p>\n<p>Akshay highlights a pilot carried out with Circle using USD Coin (USDC), which enabled a number of cryptocurrency exchange partners to settle payments with USDC at the end of a given day:<\/p>\n<p>\u201cIt\u2019s cheaper than traditional methods, it happens 24\/7, and it\u2019s innovative. You send the USDC balance, and Visa custodies the funds on the back end of the Ethereum blockchain.\u201d<\/p>\n<p>Regulations remain a hurdle for mainstream financial institutions to truly tap into blockchain technology and cryptocurrency-based payments. However, Akshay believes that progressive regulatory environments in jurisdictions like the United Arab Emirates have benefited industry participants more than reactive regulations in countries like the United States.<\/p>\n<p>\u201cWhen they set up regulatory frameworks, they invited the industry to talk about what it needs, but also what the future might look like in a few years so that regulations are developed well ahead of time.\u201c<\/p>\n<p>Visa made headlines in April 2023 with the launch of a crypto product roadmap\u00a0to drive the adoption of stablecoin and public blockchain payments by mainstream financial institutions.\u00a0<\/p>\n<p>The company is also set to\u00a0invest $100 million to explore innovative artificial intelligence-powered products and solutions focused on payments and commerce through Visa Ventures.<\/p>\n<p><strong><em>Magazine:\u00a0The Truth Behind Cuba\u2019s Bitcoin Revolution: An on-the-ground report<\/em><\/strong><\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/visa-crypto-cards-facilitate-3-b-dollars-payments-after-2021\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The integration of conventional payment cards with cryptocurrency exchanges is playing a crucial role in driving the adoption of digital assets, according to a Visa executive. Speaking to Cointelegraph reporter Ezra Reguerra during a panel at the Blockchain Economy Dubai Summit, Visa\u2019s vice president, head of innovation and design, Akshay Chopra, highlighted the role that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13514,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-13513","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13513"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13513\/revisions"}],"predecessor-version":[{"id":13515,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/13513\/revisions\/13515"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/13514"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}