- Visa executive Akshay Chopra highlights the integration of traditional payment cards with cryptocurrency platforms as a key driver of crypto adoption.
- Visa has partnered with 75 major crypto exchanges to issue Visa debit and credit cards, allowing users to convert crypto balances into fiat currency.
- Co-branded cards facilitated $3 billion in crypto-to-fiat transactions in 2021, addressing limitations in using cryptocurrencies for everyday purchases.
The integration of traditional payment cards with cryptocurrency platforms is playing a key role in driving crypto adoption, according to Visa executive Akshay Chopra.
Speaking at a recent blockchain summit, Chopra said Visa has partnered with 75 major crypto exchanges to enable them to issue Visa debit and credit cards. This allows users to convert their crypto balances into fiat currency and make purchases from Visa’s network of 80 million merchants.
According to Chopra, facilitating crypto-to-fiat transactions through these co-branded cards powered $3 billion in payment volume in 2021. He said this helps overcome limitations around using cryptocurrencies for everyday purchases like coffee.
Chopra also highlighted opportunities to modernize interbank settlements and cross-border payments with blockchain-based systems. He noted that existing protocols like SWIFT have drawbacks, like lacking 24/7 operation.
Visa trialed USDC settlement
Visa trialed a USD Coin stablecoin settlement pilot with partner Circle, enabling some crypto exchanges to settle end-of-day balances with USDC. Chopra said this system is “cheaper than traditional methods, happens 24/7, and is innovative.”
While regulations remain a hurdle for mainstream adoption, Chopra believes progressive frameworks like those in the UAE have benefited the crypto industry more than reactive policies. He said inviting industry input to develop regulations proactively is advantageous.
Visa made waves in April 2022 with a crypto product roadmap aimed at driving adoption of blockchain payments among traditional firms. The payments giant is betting that linking conventional banking rails with crypto will be a key pathway for mainstream adoption.