According to Visa Cryptocurrencies are not only tools for exchanges or investment but a cultural movement. The Visa payments network generated at least 60 partnerships with cryptocurrency companies in the last year and a half.
An internal Visa official revealed many details about the company and its desires to take about bitcoin and the cryptocurrency ecosystem.
In an interview with NDTV, Cuy Sheffield, a Visa spokesperson, stated that cryptocurrencies will likely change all the business structure. That is the reason why VISA wants to support its corporate clients and help them understand and adopt these assets to update themselves in the digital age that the world lives in nowadays.
A study carried out by Visa in Argentina is the sole reason why the company believes that the adoption of these assets will continue to rise globally.
Regarding the research, Cuy Sheffield said the findings showed a universal knowledge of cryptocurrencies and how some respondents have already used them as an investment tool or as a medium of exchange.
The official also noted that digital currencies are not simply a technological phenomenon or an asset class. They do not use only to facilitate monetary transactions or as an investment. Cryptocurrencies like bitcoin encompass a cultural movement behind them, which will be part of the future of money, he said.
In a Short Time, Cryptocurrencies Got Noticed in Visa Cards
In the last year and a half, Visa has generated more than 60 partnerships with other companies so that its cards can serve to purchase and operate digital currencies like bitcoin. This information came from the company’s representative in the interview; he also highlighted that this sector has already moved more than 3.5 billion dollars.
Cuy Sheffield made clear that, although this figure represents a small part of the total money managed by the Visa payment network, it symbolizes something of great relevance. He explained that, when people consider that these programs did not exist in a significant way a year ago, it is an indication that they are starting to gain traction.
The company revealed this month that they would begin to advise their corporate clients on this matter. The entity expressed that at the end of the day, they just want to serve as a bridge connecting the cryptocurrency ecosystem with their global network of 80 million business locations and at least 15,000 financial institutions or more.
Visa Estimates that Companies Would Lose Customers if they do not Assimilate Bitcoin
Just as it believes it is an opportunity, Visa also believes that companies that do not adopt digital currencies like bitcoin could lose their customers.
He gave banks as an example. He highlights that at least 40% of cryptocurrency owners will likely change their primary banks to one that offers products with these assets. The company explains that this risk takes effect because there are platforms in the market that can replace the bank’s services.
These organizations bring savings banks for fiat money and cryptocurrencies, currency trading, custody, loans, making payments, investment plans, among other functions.
By: Jenson Nuñez
