The announcement invites startup companies that want to develop ways to facilitate all financial and payment services with cryptocurrencies.
The renowned provider of credit cards and financial and payment services Visa is looking for companies that want to develop digital cards that could be recharged with cryptocurrencies such as Bitcoin or altcoins.
Cuy Sheffield, who is Visa’s CEO for the crypto and digital currencies sector, issued the announcement using his official Twitter account a few days ago.
Through the announcement, Sheffield called on crypto companies that are interested in belonging to the program called Fast Track Fintech. Through this program, they hope to integrate cryptocurrency wallet services with Visa cards.
“For fintech developers who build crypto or DeFi wallets, here are three examples of consumer experiences and value propositions that are possible today with crypto card programs…”, the proposal says.
The announcement is based on an alliance produced between Visa and Coinbase since 2015 and is currently paying off. The cooperation agreement between these companies sought to include Visa cards in Coinbase exchange services. But, recently it has been possible to go beyond the initial agreements since a few days ago it was announced that Coinbase hopes to launch debit cards. Said cards will facilitate direct purchases of goods and services using bitcoins.
According to data provided by the Visa program, it is specified that these services improve your experience if you use tools such as digital wallets when making transactions and payments. “Users of digital wallets can download the application, provide a virtual card, make wireless transactions at the point of sale or request payments”.
The product manager for the cryptocurrency area, Cuy Sheffield, managed to fill this position after the Visa company had this vacancy in 2019. A large part of his responsibilities is creating strategies capable of evaluating a cryptographic product and its scope within the market, as well as its ways of including actions by Visa to make it happen.
By sharing some positive experiences of people who have used these new technologies in payments and transactions, Sheffield stressed that it is very possible to link Visa services with operations made with cryptocurrencies such as bitcoin. In addition to making use of all the points of sale that the company has around the world. The manager also indicated that it is possible to make payments with stablecoins or use fiat money as a traditional way to receive cryptocurrencies, inter alia.
Sheffield also said he feels excited to promote this project, as well as imagining the advances that this technology can bring. “This is just the beginning because there are other possible user experiences that we cannot imagine today. I trust that cryptocurrencies have the potential to receive developers to create financial services. I am excited about the new products that may arise”, he highlighted.
This movement implies a change in Visa’s position concerning cryptocurrencies since in previous years it would have maintained as a strong idea that this technology did not result to be innovative and decisive enough for the economy.
Despite this, Visa has not been inactive in this sector, since it would have maintained a research program that would be responsible for evaluating the advances in cryptocurrencies. An example of this was its participation in the Libra Association, promoted by the social media giant Facebook. Although its participation in that project was short, due to its voluntary departure in the middle of last year, the company has not remained technically outside the growth and recognition of the crypto industry and now keeps working on it.
By María Rodríguez