Payment Provider Powering Real-World Digital Asset Transactability
There is no denying that cryptocurrencies are one
of the most significant technological advancements in recent years that can
disrupt the centralized finance ecosystem globally.
With the underlying blockchain technology and a
fully decentralized ecosystem, cryptocurrencies can change the global financial
sector. Not only can cryptocurrencies eliminate intermediaries to lower
transaction costs, but they can also solve the global unbanked crisis. However,
the accompanying costs of fiat to crypto conversions through local exchanges,
complicated regulatory policies, and the limited acceptance of cryptos in the
real world prevent crypto from going mainstream.
Visa, the global payments technology company,
is collaborating with several crypto service providers to address these
problems. The transcript from Visa’s fiscal third-quarter 2021 earnings
conference call highlights the platform’s efforts in enabling the global
population to benefit from cryptocurrencies.
According to Visa CEO and Chairman Al Kelly, “In the crypto space, we recently signed three partnerships: one with Tala to partner on cryptocurrency solutions for the global unbanked; and two, with crypto exchanges, FTX and CoinZoom, to begin offering Visa cards. We now have more than 50 crypto wallets and platforms, up from 35 in Q1 and more than the next leading network. And collectively, they drove over $1 billion in payments volume, which represents a significant engine of growth.”
Visa has partnered with CoinZoom to
introduce five different options of CoinZoom Visa Cards for its US customers.
These Visa cards are connected to CoinZoom wallet, enabling users to pay
cryptocurrency for goods and services at more than 53 million merchant stores
and VISA Partner outlets worldwide. Additionally, the five tiers of Visa cards
deliver unique benefits, like discounts, cashback, and rewards to the users
based on their CoinZoom wallet balance.
PayPal, another leading global payments technology,
is also contributing to help accelerate the mainstream adoption of crypto. The
platform recently launched its Checkout with Crypto feature for US customers.
As more and more service providers such as Square, Gemini Pay, and Mastercard
increasingly support crypto, crypto retail payments will gradually become more
available worldwide, allowing users from developing and third-world countries
to participate in the financial revolution.
Crypto-Based Answers For The Remittance Industry
Visa is continually working to optimize
cross-border transactions and connect more people to its global financial
ecosystem. During Visa’s recent earnings conference call, Vasant Prabhu, Vice
Chairman and Chief Financial Officer of Visa, remarked, “You’ve heard us talk
about the extraordinary progress we’re making in remittances. For example, we
signed up with all the major remittance providers and we can provide a very
flexible, very attractive proposition for their consumers at a very attractive
cost.”
Cryptocurrencies can address the growing problems
of remittance solutions, including too many intermediaries, excessive
transaction charges, and delays in transfers. CoinZoom’s peer-to-peer
remittance service, ZoomMe, addresses these problems. This crypto-based
remittance solution enables users to seamlessly send and receive fiat and
cryptocurrencies without any fees or geographical restrictions. The platform is
highly regulated and licensed to operate in multiple countries, making it a
meaningful alternative for traditional remittance solutions.
Todd Crosland, CEO of CoinZoom, adds, “We’re really proud to be a partner with Visa and offer our crypto debit card to customers in the U.S. currently, with Europe coming soon. We believe allowing consumers to spend their crypto as they would spend any other funds is helping propel the mass adoption of crypto forward, along with our peer-to-peer remittance service, ZoomMe. ZoomMe allows consumers to send USD or crypto internationally instantly for free.”
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