According to Bloomberg, Visa is beginning to realize that they are sitting on a gold mine. This year, cryptocurrency debit cards have become very popular. These cards are issued by third party companies that store Bitcoins from users or other currencies. When the consumer makes a purchase with the card, the issuing company sells a certain amount of the consumer's assets to pay the fees.
When such a company recently issued cards protected by cryptocurrency, it was shocked at the receipt of 17,000 reservations in a short period without any advertising.
While the digital currency sector has experienced strong growth over the past year, there have been some difficulties in the widespread adoption of cryptocurrencies. Much of this delay is due to difficulties in using digital currencies to make purchases.
The globally recognized credit card network, Visa, has now stepped in to play a role in the digital economy. They will start with Singapore. The small nation of Singapore has been a forward-thinking and receptive country in regards to the acceptance and adoption of cryptocurrency, so this makes sense.
While most ordinary people are still wary of digital currencies, a company like Visa gives its imprimatur, some of this mistrust fades. The ability to spend digital money with a Visa support card allows consumers to spend their cryptocurrency in more than 44 million locations worldwide.
Visa has already made some forays into the cryptocurrency sector. card issuers based. There is still a lot of work to be done before digital currency becomes mainstream, but the fact that big companies are dealing with new technology bodes well for long-term adoption.