Major payment services provider Visa has shaken up the world of crypto after announcing that it will be allowing users of its debit cards to convert their cryptocurrency into local fiat currency for use in their regular day-to-day transactions.
Relatively few vendors accept cryptocurrency as payment, so it typically has to be converted into fiat currency like the euro or dollar for use in real-world transactions.
This conversion and withdrawal to a recognised bank or payment provider can take a few days, severely limiting the usefulness of crypto for daily expenses.
Visa’s partnership with Transak, a leading infrastructure povidr fo crypto and NFTs, promises to fix this problem by making cryptocurrency more liquid than ever.
“Many consumers need a fast, secure and compliant way to exit the crypto market — a fitting tribute to the liquid nature of cryptocurrencies,” said Transak in a statement.
Sami Start, the company’s co-founder and CEO, remarked, “We believe this partnership is an inflection point for Web3 as a whole. Now, millions across the globe have a straightforward way to cash out their digital asset holdings to their local currency in real-time and intuitively.
“They no longer have to walk the treacherous path of compliance uncertainty or face risks of fraud.”
The speed of Visa’s system is a big attraction, allowing money to be transferred in around 30 minutes or less in most instances – a major upgrade over the existing ways of converting crypto into local currencies, which can take days.
And it’s not only Bitcoin and Ethereum either – Transak supports over 40 cryptocurrencies, and is already integrated into many of the leading crypto exchanges and wallets, putting crypto-to-fiat conversion at the fingertips of millions of users globally
“By enabling real-time card withdrawals through Visa Direct, Transak is delivering a faster, simpler and more connected experience for its users — making it easier to convert crypto balances into fiat, which can be spent at the more than 130 million merchant locations where Visa is accepted,” said Yanilsa Gonzalez-Ore, North America Head of Visa Direct and Global Ecosystem Readiness.
Mark Grech, an emerging tech consultant, welcomed the news on LinkedIn, describing it as a “game-changing move” that marks “a significant step towards the mainstream adoption of cryptocurrencies, making it easier for users around the globe to access and utilise their crypto assets in real-world transactions.”
He continued: “As we witness this groundbreaking integration, it’s clear that the future of finance is evolving rapidly, and the collaboration between traditional financial institutions and the crypto space is becoming increasingly symbiotic.”
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