Visa's partnerships with cryptocurrency exchanges have facilitated over $3 billion in payment volume, according to Akshay Chopra, Visa's Vice Presiden
t of Innovation and Design. He spoke about the role Visa cards have played in bridging fiat currencies and cryptocurrencies, making it easier for people to use digital assets for everyday transactions. Visa collaborated with 75 major cryptocurrency exchanges in 2021 to enable them to issue Visa cards, connecting approximately 80 million Visa merchants with cryptocurrency users.
Chopra emphasized that while cryptocurrency adoption for daily purchases like coffee is not yet widespread, these partnerships have significantly increased payment volume in the crypto space. He also pointed out that there are opportunities for traditional financial institutions to leverage blockchain technology in various ways.
Cointelegraph’s Ezra Reguerra (left) on stage with Visa’s Chopra and Accenture’s CBDC and digital assets associate director Vladimir Nikolenko. Source: Cointelegraph
One such opportunity is in the area of payments settlement between financial institutions. Chopra discussed the limitations of existing systems like the SWIFT payment system, which is not operational 24/7. Visa has been exploring innovative solutions, including a pilot program with Circle using USD Coin (USDC) to settle payments between cryptocurrency exchange partners. This approach has proven to be cheaper, more efficient, and available around the clock.
Chopra acknowledged that regulatory challenges remain a hurdle for mainstream financial institutions looking to embrace blockchain and cryptocurrency-based payments. However, he noted that progressive regulatory environments, like that of the United Arab Emirates, have been more beneficial for the industry compared to reactive regulations in some other countries.
Visa has been actively pursuing opportunities in the crypto space, including launching a crypto product roadmap to promote the adoption of stablecoins and public blockchain payments by traditional financial institutions. Additionally, the company has committed to investing $100 million in Visa Ventures to explore AI-powered products and solutions focused on payments and commerce.