INSUBCONTINENT EXCLUSIVE:
The case for cryptocurrency is becoming more compelling for financial institutions.New Delhi: Visa, the global pioneer in digital payments,
has launched Visa's Global Crypto Advisory to assist clients and partners in their crypto journeys.The case for cryptocurrency is becoming
more compelling for financial institutions
products.TheIndianSubcontinent spoke to Cuy Sheffield, head of crypto, visa, world's largest payment processor, on the launch of a global
used primarily to store cryptocurrencies, people are now using them for things like discovering new music or art
of the crypto ecosystem that we're tracking closely at Visa
NFTs have the potential to become a powerful accelerator for the creator economy and lower the barrier to entry for individual creatives to
The rise of e-commerce has made it possible for SMBs to sell online and reach customers around the globe
But they still have to produce and ship physical goods, which can have high upfront costs
adoption?At Visa, the scale and scope of our work in crypto has grown dramatically
last few years, we've also seen our clients' outlook on crypto evolve, from skepticism, to awareness, to an understanding that crypto will
which is why we fielded a global study on consumer perceptions
The findings showed near-universal awareness of crypto, and that a significant portion of respondents (nearly one-third) have used crypto,
It's also deeply cultural
What role will NFT's play?We believe that NFTs will play an important role in the future of retail, social media, entertainment and commerce
We see a significant interest from merchants, brands, and content platforms looking to participate in the NFT-commerce ecosystem
CryptoPunk purchase helped us build that ground-up understanding
Because we've engaged directly with the NFT ecosystem, we are better prepared to help our partners understand the NFT ecosystem so they can
to provide our crypto advisory services to clients globally wherever there is interest, and currently, we offer services in markets where
the regulations permit such transactions.In the last 1 year Visa has processed more than $3 billion worth of digital transactions, what are
the future plans?To clarify, the $3.5 billion represents cumulative spending on Visa's crypto-linked card programs
That's a small portion of total spend on Visa cards, but when you consider that these programs didn't exist in a meaningful way a year ago,
for purchasing or cashing-out their digital currencies; bringing new infrastructure capabilities and crypto value-added services to our
do Crypto Linked debit cards work?Crypto-linked cards make it easy for consumers to convert and spend digital currencies, without requiring
coffee shops, dry cleaners, or grocery stores to directly accept crypto at the checkout
All the conversions from crypto to fiat happen instantly, behind the scenes
In-store, online, it's as easy as a standard Visa transaction
Consumers that want to use crypto have the opportunity to convert and spend their digital currency while going about their everyday
activities.We've partnered with more than 60 of the leading crypto platforms, like FTX, BlockFi, Crypto.com, Coinbase, and Binance, to
launch card programs that make it easy for consumers to convert and spend digital currency at 80 million merchant locations worldwide.
