Payment giants such as Visa, Mastercard, and PayPal all see cryptocurrency as an opportunity

Time:2021-12-27 Source: 967 views Trending Copy share


According to "Coindesk", Wall Street research firm Moffett Nathanson issued a report to customers on the 15th, stating that payment service giants Visa, Mastercard and PayPal do not see the rise of the cryptocurrency industry as a threat, and they will continue to be in the cryptocurrency ecosystem. Investment in China.

Moffett Nathanson highlighted in the report that these traditional payment service companies are increasingly accepting cryptocurrencies, and mentioned the efforts of these payment service giants to adapt to the ever-changing environment. The three payment service giants presented their views when attending the Moffett Nathanson event.

Visa believes that the meaning of cryptocurrency goes beyond payment and is a second-layer solution that can run on a blockchain network, just like Visa did for a fiat-based network; Visa senior vice president and global financial technology Director Terry Angelos told Moffett Nathanson: It is expected that in the next one to two years, through cooperation with cryptocurrency wallets, the company's transaction volume will grow strongly.

Raj Dhamodharan, Executive Vice President of Blockchain and Digital Asset Products at Mastercard, said: Mastercard has benefited from the cross-border cryptocurrency deposit and withdrawal flow of cryptocurrency exchanges and wallets, and sees cryptocurrency as an opportunity to create new products. The company also It plans to become a gold channel for the NFT market, and use cryptocurrency as a native currency to add to its multi-track network for settlement.

Edwin Aoki, PayPal's technical researcher and chief technology officer of the Blockchain, Encryption and Digital Currency Department, said: PayPal is also committed to opening up its platform, allowing it to connect to the DeFi network, and allowing users to safely transfer in or out of its digital wallet. Cryptocurrency.

Payment giant dabbles in cryptocurrency

The currency circle has reported many times before that these three payment service giants have taken frequent actions in the cryptocurrency field since the beginning of this year.

According to Visa’s third-quarter earnings conference call records, Visa has cooperated with more than 50 cryptocurrency wallets and platforms, up from 35 in the first quarter, and is upgrading the system to support the settlement of the US dollar stable currency USDC. This business project has Become an important growth engine for the company.

"CNBC" also reported earlier this month that from October 1, 2020 to September 30, 2021, Visa has processed $3.5 billion in digital currency transactions through its cryptocurrency credit card. Nikola Plecas, head of cryptocurrency for Visa Europe Pointed out that the company has allowed users to use cryptocurrency to pay more than 80 million merchants.

In February of this year, Mastercard announced that it would support cryptocurrency payments, and in April it cooperated with Gemini, a large U.S. cryptocurrency exchange, and announced that it will issue a Gemini cryptocurrency credit card this year, featuring 3% cryptocurrency instant feedback.

MasterCard also announced in July that it would provide cryptocurrency wallets and exchanges to reduce the friction of crypto or currency payment cards, allowing partners to more easily convert between cryptocurrency and traditional legal tender, and announced the acquisition in October this year. CipherTrace, a blockchain analysis company, further expands its cryptocurrency strategy.

Paypal announced the launch of a new super app in September that integrates payment, cryptocurrency trading, and high-yield savings. It also launched a major update to the app last month, allowing users to use cryptocurrency to check out millions of PayPal merchants.

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