Visa inks deal for crypto service providers to use its cards

Visa inked three partnership deals for crypto service providers Tala, FTX, and CoinZoom to offer its cards, according to its CEO and Chairman Al Kelly.

The deals would also address the complicated regulatory policies brought by the accompanying costs of fiat to crypto conversions, and the limited acceptance of cryptos that prevent it from going mainstream.

Visa's deal with Tala was for establishing cryptocurrency solutions for the global unbanked.

Meanwhile, the partnership with CoinZoom was for introducing five different options of CoinZoom Visa Cards for its US customers to enjoy unique benefits, like discounts, cashback, and rewards.

These Visa cards are connected to CoinZoom wallet, enabling users to pay cryptocurrency for goods and services at more than 53 million merchant stores and VISA Partner outlets worldwide.

Cryptocurrencies can address the growing problems of remittance solutions, including too many intermediaries, excessive transaction charges, and delays in transfers.

A crypto-based remittance solution enables users to seamlessly send and receive fiat and cryptocurrencies without any fees or geographical restrictions.

Kelly noted that Visa now has over 50 crypto wallets and platforms, up from 35 in the first quarter.

The crypto wallets drove over $1 billion in payments volume, representing a significant engine of growth for Visa.