Global payments company Visa is not shying away from cryptocurrencies like other old and archaic counterparts. Not to call any company out, but they know themselves.
Currently, Visa is using partnerships as a strategy to push growth within this sector. It will help to provide reliable solutions for its consumers. A partnership is a key strategy for businesses these days.
A couple of decades ago, it was mergers and acquisitions, that has cooled a bit over the last couple of years. With partnerships, a business doesn’t have to build everything in-house which can be costly and expensive.
Instead, they can partner with startups and established companies that have expert persons at the helm and can help them solve complex solutions. It’s a win-win solution for both sides in a once-cut-throat business environment.
Currently, Visa has partnered with many different crypto platforms such as Coinbase, Binance, crypto.com, etc. This will allow everyday consumers to participate in basic financial activities such as buying goods and services with cryptocurrencies.
Positive Returns
The initiative seemed to be working out just fine for Visa, as Sheffield, Visa’s head of crypto said in an interview that they had purchased over $3.5 billion worth of crypto transactions on their platform so far.
“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, it’s an indication that they’re starting to gain traction.
At the end of the day, we want to serve as a bridge connecting the crypto ecosystem with our global network of 80 million merchant locations and more than 15,000 financial institutions.”
This is net positive news for Visa, being a first-mover within this industry, especially as an “old financial brand”, will allow them to reap benefits down the line. They just have to continue pushing the boundaries with this technology and don’t be afraid to take risks.
I love visa and what they are doing.