A senior executive of payments company Visa stated the mammoth payment volumes driven by crypto cards and its potential going into the future.
Payments corporation Visa has been tapping into crypto for some time. A senior executive from the firm, Akshay Chopra, recently spoke on some estimates of payment volumes from crypto cards. While mentioning their potential, Chopra revealed such cards resulted from Visa partnering with crypto exchanges.
Speaking at the Blockchain Economy Dubai Summit, Chopra stated how the cards from Visa had helped. They had formed a bridge between fiat currencies and crypto. Since crypto payments had not become as common, Visa partnered with exchanges in 2021.
The move turned out to be a turning point as $3 billion worth of payment volumes were unlocked, said Chopra. He further said how about 80 million Visa merchants could then serve customers who preferred crypto payments.
Meanwhile, Chopra deliberated on the potential of such cards and how traditional financial companies could tap into crypto. He said that blockchain-based solutions could serve as other avenues in place of traditional payment systems like the SWIFT network.
The Visa executive said, “Banks 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’s a big pain point, and it’s also expensive and inefficient. “
From 24*7 availability to cheaper costs, blockchain solutions were a better option than most, he implied. But, he stressed how regulatory clarity was essential to tap into its potential.