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.”