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Title: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: Hydrogen on March 18, 2021, 10:19:25 PM Quote Visa seemingly plans to follow in PayPal's fresh footsteps as it works to adopt Bitcoin. The firm's CEO Alfred Kelly said on Fortune’s Leadership Next podcast on Tuesday that the payment processing behemoth is willing to facilitate not only bitcoin purchases, but also spending functionalities, and in a big way: Quote We’re trying to do two things. One is to enable the purchase of Bitcoin on Visa credentials. And secondly, working with Bitcoin wallets to allow the Bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted. According to Kelly, Visa is working hard to earn its role as an intermediary in financial transactions even after Bitcoin sees mainstream adoption. Other than Bitcoin, the payment processor also plans to allow for the use of stablecoins. He admitted that the company recognizes “a strong potential for those to become a new payment vehicle.” Kelly said Visa is collaborating with about 35 partners involved with stablecoins, explaining that "these are currencies that are fiat-backed, but we’re allowing this translation, if you will, into a fiat currency and in a wallet where there’s a Visa card and again that Visa card can be used with the translated digital currency over to the fiat currency to purchase at any one of our 70 million locations." This is seemingly referring to Visa's partnership with Circle, the firm behind the USDC stablecoin. According to a report released by Forbes at the end of 2020, the payment processing giant partnered with Circle to integrate USDC into its infrastructure and allow credit card issuers to use USD Coin on their platforms and send and receive USDC payments. Visa's head of crypto Cuy Sheffield said at the time: Quote We continue to think of Visa as a network of networks. […] Blockchain networks and stablecoins, like USDC, are just additional networks. So we think that there’s a significant value that Visa can provide to our clients, enabling them to access them and enabling them to spend at our merchants. Last month, Visa also launched the pilot test of its API meant to allow banks to offer services revolving around Bitcoin and other digital assets. As the BTC Times reported at the time, neobankFirst Boulevard will be the first to use it to purchase, custody, and trade digital assets such as Bitcoin. https://www.btctimes.com/news/visa-plans-to-enable-bitcoin-purchases .... State of Cryptocurrency in 2017: "Bitcoin must try to be more like credit cards. It must scale to be capable of purchasing cups of coffee." State of Credit Cards 2021: "Credit cards must try to be more like bitcoin. It must support cryptocurrencies to give transactions greater intrinsic value and greater inflation asset protection." What an amazing contrast a long 4 years makes! Who remembers the collective despair bitcoin HODL exhibited in 2017. Back when block size scaling debates littered the landscape, with seemingly no solution to be found. Many agonized over never being able to buy a cup of coffee with crypto. Many said bitcoin would never scale and never compete with the transaction volume of credit cards. Only 4 years later, we have credit cards planning to incorporate cryptocurrency support into their transaction network. Who could have imagined this happening 4 years ago? Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: Reosta_ on March 18, 2021, 10:51:08 PM The things are going really incredibly well for Bitcoin. I've been really happy since I saw this news that VISA will also start to accept Bitcoin and contribute to the Bitcoin adoption on a large scale. And it is very wonderful to see that Bitcoin has changed the way of looking at something. It is really nice to see that credit cards started to take Bitcoin as an example. I hope it can always continue like this and we can see that digital currencies taking fiat's place as soon as possible too.
Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: mk4 on March 19, 2021, 03:01:49 AM By then, the typical "you cant use bitcoin to pay for anything" FUD will finally be fully invalidated(even though it was already untrue for years). I wouldn't be surprised if this ended up like BitPay though, but I'm not complaining.
Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: cryptoaddictchie on March 19, 2021, 03:58:43 AM This coming into reality was heavily fudded before. Damn those people who literally saying how bitcoin is a scam networking or hoax money pyramiding. As the saying goes, don't judge a book by its cover, now people realize even those who are known to criticise bitcoin before become an investor now? Funny isn't it. Anyway ALL I can say is this will come with or without those fudder. Expect some additional integration aside from Visa ocne everything set in motion. Adoption is real!
Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: mk4 on March 19, 2021, 05:57:23 AM As the saying goes, don't judge a book by its cover, now people realize even those who are known to criticise bitcoin before become an investor now? Funny isn't it. To be fair, they didn't straight up invest in bitcoin the asset; they're just planning on enabling bitcoin payments. Two very different things. The former is buying an asset thinking that it will go up in value, while the latter is simply just creating another way of them earning money off transaction fees. Just like how anyone can create a gold mining business regardless if they think gold is a good investment or not, because what's mostly important is the cash flow earnings. Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: davis196 on March 19, 2021, 06:13:02 AM I don't understand why VISA would enable stablecoin payments.What's the benefit for VISA?More fees?
Stablecoins are backed by fiat money and fiat money are already used by payment networks like VISA. It looks like stablecoins are just another layer in the payment system,that we don't need. It will be great,if they enable BTC payments,but who is going to buy something with Bitcoin,since everybody is waiting for the BTC price to hit the moon. ;D Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: Kittygalore on March 19, 2021, 06:35:41 AM By then, the typical "you cant use bitcoin to pay for anything" FUD will finally be fully invalidated(even though it was already untrue for years). I wouldn't be surprised if this ended up like BitPay though, but I'm not complaining. I don't think that FUDs will be fully invalidated because people who spread FUD is going to make another angle on the narrative like it is volatile for purchasing or not a secure way of payment, they will just find another way to make stupid FUD. Maybe with the help of VISA, Bitcoin network will get bigger because a company can make the necessary infrastructures to improve the speed and overall performance of bitcoin.Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: mk4 on March 19, 2021, 06:43:05 AM I don't understand why VISA would enable stablecoin payments.What's the benefit for VISA?More fees? It's obviously the fees, yes. They couldn't care less of ideologies and if stablecoins makes sense or not, as long as they know that there's demand and they can make money off it.Stablecoins are backed by fiat money and fiat money are already used by payment networks like VISA. It looks like stablecoins are just another layer in the payment system,that we don't need. It will be great,if they enable BTC payments,but who is going to buy something with Bitcoin,since everybody is waiting for the BTC price to hit the moon. ;D People who have a huge amount of their net worth in bitcoin.I don't think that FUDs will be fully invalidated because people who spread FUD is going to make another angle on the narrative like it is volatile for purchasing or not a secure way of payment, they will just find another way to make stupid FUD. Re-read what I said. I never said that FUDs in general will be invalidated, I was specifically talking about the "you cant use bitcoin to pay for anything" FUD.Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: TheNineClub on March 19, 2021, 06:48:55 AM I just can't help but wonder how much of this has to do with the surge of prices and an influx of people in this cycle. I would like to think that the tide's they are shifting and that we are witnessing a gradual adaptation of Bitcoin, but I am also a bit pessimistic thinking this might just fall flat when the price drops by the end of the year and people move away from it until the next cycle. Whatever the case maybe this is a shift in the perception of Bitcoin, but again, the big financial institutions will be the ones to make a substantial profit (albeit a bit late)
Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: mk4 on March 19, 2021, 06:54:37 AM I just can't help but wonder how much of this has to do with the surge of prices and an influx of people in this cycle. I would like to think that the tide's they are shifting and that we are witnessing a gradual adaptation of Bitcoin, but I am also a bit pessimistic thinking this might just fall flat when the price drops by the end of the year and people move away from it until the next cycle. I mean, it's safe to assume that they wouldn't really think of adding bitcoin payments if there wasn't an influx of new bitcoin people and if they didn't think that it will continue going up in the long term. I'm pretty sure they're totally aware of the hype cycles as it would be pointless for such a huge company to implement something that would only take advantage of temporary hype.Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: Rikafip on March 19, 2021, 07:21:36 AM Who could have imagined this happening 4 years ago? I mean, it was expected that all those big companies resist bitcoin heavily until it reaches certain level of adoption, and once that is done they will jump on train as they don't wanna miss an opportunity to make shit load of money, which they will with stuff like this. They ain't stupid. "First they ignore you, then they laugh at you, then they fight you, then you win" Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: cryptoaddictchie on March 19, 2021, 08:16:15 AM To be fair, they didn't straight up invest in bitcoin the asset; they're just planning on enabling bitcoin payments. Two very different things. The former is buying an asset thinking that it will go up in value, while the latter is simply just creating another way of them earning money off transaction fees. I'm quoting it for people whom totally hate bitcoin before. Didn't say it is the Visa itself hehe but who knows, if they had some investment undisclosed (already). You are right about cash flow though. Surely they are gonna intend to increase their earnings through fees and putting bitcoin investment on such option could definitely a win win for them.Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: Welsh on March 19, 2021, 08:56:27 AM By then, the typical "you cant use bitcoin to pay for anything" FUD will finally be fully invalidated(even though it was already untrue for years). I wouldn't be surprised if this ended up like BitPay though, but I'm not complaining. I thought this, and the typical "Bitcoin is used by criminals" outlook would have been squashed when Paypal introduced Bitcoin to their platform. Obviously, the way they implemented it didn't quite benefit the former issue. However, I'm not entirely convinced, but surely Visa a reputable company introducing Bitcoin finally puts a nail in the coffin for both of these issues. It would likely see an increase in adoption, as well as price. I mean, it's safe to assume that they wouldn't really think of adding bitcoin payments if there wasn't an influx of new bitcoin people and if they didn't think that it will continue going up in the long term. I'm pretty sure they're totally aware of the hype cycles as it would be pointless for such a huge company to implement something that would only take advantage of temporary hype. For certain, Visa would be fairly clued up on the volatile nature of Bitcoin, and might even be able to benefit from that by bringing more users to their platform, because it would likely be the easiest way for people to kill 2 birds with one stone. Although, we have seen in the past companies implementing Bitcoin payments, and then pulling it shortly after. I believe Steam Powered once upon a time implemented Bitcoin, and pulled it a short while after. Of course, I'd expect a payment processor like Visa to be a bit more diligent when it comes to introducing alternative payment methods on their system, but it definitely isn't unheard of big companies pulling Bitcoin after they've implemented it. Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: mk4 on March 19, 2021, 09:16:53 AM Although, we have seen in the past companies implementing Bitcoin payments, and then pulling it shortly after. I believe Steam Powered once upon a time implemented Bitcoin, and pulled it a short while after. Of course, I'd expect a payment processor like Visa to be a bit more diligent when it comes to introducing alternative payment methods on their system, but it definitely isn't unheard of big companies pulling Bitcoin after they've implemented it. Precisely. Steam may have overestimated bitcoin's short-term staying power in 2016 when they added it, whereas at the same time totally underestimated bitcoin's long-term staying power when they removed the payment method in 2017. With that said, I totally doubt that Visa would make the same mistake. Visa has a crap ton of data in the world concerning digital payments collected throughout the years, that they probably saw a multi-year uptrend in bitcoin interest hence why they're now having this plan. Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: Kong Hey Pakboy on March 19, 2021, 09:22:12 AM I thought this, and the typical "Bitcoin is used by criminals" outlook would have been squashed when Paypal introduced Bitcoin to their platform. Obviously, the way they implemented it didn't quite benefit the former issue. However, I'm not entirely convinced, but surely Visa a reputable company introducing Bitcoin finally puts a nail in the coffin for both of these issues. It would likely see an increase in adoption, as well as price. The outlook won't die, as you have said Paypal did the integration in their platform but the narrative and FUD that it is used for illegal stuff is still proliferating, I don't think that it will be Visa that is going to dispel this negative narrative about bitcoin, FUD spreader have this charm around them that makes the shit that comes out of their mouth linger for a long time.Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: mk4 on March 19, 2021, 09:30:18 AM The outlook won't die, as you have said Paypal did the integration in their platform but the narrative and FUD that it is used for illegal stuff is still proliferating, I don't think that it will be Visa that is going to dispel this negative narrative about bitcoin, FUD spreader have this charm around them that makes the shit that comes out of their mouth linger for a long time. To be fair, how could that narrative change with PayPal's crypto integration in the first place? PayPal didn't help bitcoin's "legitimate/legal" payment adoption at all because all people could do right now is to just buy crypto, not spend it on online merchants(at least for now). Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: Quidat on March 19, 2021, 08:59:23 PM This is a great news and anything that do talks integration or adoption does really counts.The things that we've been hoping wayback was just pure hope and anticipation for us to happen
where we didnt even expect that these big known companies had really considered on adopting bitcoin to be included into their service which is really a plus. Any news of adoption is always a positive thing for the entire crypto market this might be focusing on bitcoin but tendency that other cryptos would really be dragged along with it. Visa plans to enable bitcoin payments does really give out big convenience in that case. Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: AnonBitCoiner on March 19, 2021, 09:26:35 PM Yea, I immediately tought about the difference between 3 years ago and now. There was a time when Visa was almost in war with crypto, it cut lose their payment processor partner which serviced crypto payments to bunch of crypto payment projects. Now they seem have been dwarfed by the rise of crypto and are forced to work with crypto. This was a really a good news for all. Most of us debit card will be a VISA synched. Incase this made a trial, i was dam sure. The price of bitcoin will reach a expected value of 100k$.It may seems a wonder. But it's not a wonder at all. Check the price of petrol now and before 30 years. The cause of rise is demand of petrol. Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: CaVO32 on March 19, 2021, 09:32:03 PM This is a great news and anything that do talks integration or adoption does really counts.The things that we've been hoping wayback was just pure hope and anticipation for us to happen where we didnt even expect that these big known companies had really considered on adopting bitcoin to be included into their service which is really a plus. Any news of adoption is always a positive thing for the entire crypto market this might be focusing on bitcoin but tendency that other cryptos would really be dragged along with it. Visa plans to enable bitcoin payments does really give out big convenience in that case. This will be another boost for bitcoin adoption among ordinary users. If the service is already at your fingertips, why not use it, right? Many people are still hesitant to touch crypto or bitcoin, because they have no idea where to start in the first place. Now, if Visa will make this service available to many without so much complicated steps, people will try it. And if they find it useful, they will use again and will even endorse it to their family, friends or colleagues. Remember, ignorance is one key factor why many people are still having second thoughts with bitcoin or crypto. Title: Re: Visa Plans to Enable Bitcoin Payments at 70 Million Merchants Post by: Coyster on March 19, 2021, 09:50:15 PM Visa and PayPal are now doing a lot to popularize cryptocurrencies. Imo, they aren't doing anything (or rather, 'a lot') to directly heighten the popularity of cryptocurrencies, rather they are harnessing the opportunity of the hype already created by crypto, especially Bitcoin, to make money for their company, it's just the same thing as traditional institutions like Microstrategy for example, Bitcoin is a hedge and an investment, thus their funds is 'enjoying' these benefits, but the good thing is due to the fact that these are all big companies, their involvement helps adoption as more people will believe in the network and thus more awareness and usage of cryptocurrencies. |