Thursday, July 29th, 2021
Payment giant Visa Inc. is launching a program to enable its partners to use the Ethereum (ETH) blockchain for transactions made in fiat. Visa has entered into a partnership with Crypto.com and Anchorage Digital Bank for allowing transactions in USD Coin (USDC). To know more about this type of fiat transaction with crypto, read below.
Visa Offering Fiat Transactions With Crypto
Cryptocurrency transactions are gaining more traction around the globe. Big companies in the U.S., Japan, Germany, and Switzerland are already offering cryptocurrencies as a payment method. PayPal is working on allowing crypto transactions, and Visa is moving towards crypto as well.
E.g., Visa has partnered with Crypto.com, a cryptocurrency exchange platform and card issuer, to allow fiat transactions this year. Thanks to the partnership, it’ll be possible to exchange USD Coin (USDC) over Visa’s payment network to clear transactions completed in fiat currency.
Fiat money is issued by the government and isn’t backed by a physical commodity, e.g., gold or silver. It’s backed by the government.
In addition, Visa is also cooperating with the personal finance app Tala. The cooperation aims to enable underbanked populations to participate in the crypto economy. More specifically, it’ll be possible to use payment cards linked to Tala’s digital wallet to spend against a USDC balance at 70 million merchants accepting Visa.
Are you offering crypto transactions to your customers? Do you need help with fiat transactions with crypto? There can be nothing challenging if you work with an expert payment comparison company like BestPaymentProviders.com in the U.S.
Best Payment Providers U.S. is committed to helping merchants find the most secure, advanced and cheapest payment processing services by providing the most unbiased snapshot of processors at the time of writing.
Crypto Market Growing
Blockchain is forecast to reach $23.3 billion by 2023. Bitcoin, which is still the top cryptocurrency in the space, accounted for a market capitalization of $1072.21 billion as of February 2021. The Bitcoin market has recently made up over $1 trillion. The cryptocurrency market size is projected to reach $1087.7 by 2026.
Did you know that the verified user base of the American cryptocurrency exchange Coinbase is over 56 million?
To sum up, Visa Inc. has recently announced it’s going to connect digital and traditional fiat currencies. The growth of crypto money means you should start offering cryptocurrency transactions to your customers, which you can do by working with a reputable payment processor in the U.S.