Several major platforms from different industries are exploring ways to integrate cryptocurrency payments for their users. Among them are Visa, X (formerly Twitter), Swift and Shopify. These companies are leveraging the advantages of blockchain-based payments, such as speed, efficiency and convenience, to drive the next wave of adoption.
Visa
Visa is expanding its stablecoin capabilities to Solana, a fast-growing blockchain network that supports smart contracts and decentralized applications. Visa aims to offer its clients more options for settling transactions using digital currencies.
Visa is working with merchant acquirers Worldpay and Nuvei. Through live pilots with issuers and acquirers, Visa has already moved millions of USDC between its partners over the Solana and Ethereum blockchain networks to settle fiat-denominated payments authorized over VisaNet.
Shopify
Solana Pay, a payment gateway built on Solana, has also integrated with Shopify, allowing merchants to accept crypto payments on their online stores. Solana Pay makes it easy for merchants to get real-time access to their money and greater ability to manage working capital, liquidity, and liability protection. With no intermediary, Solana Pay eliminates bank fees, chargebacks, and holding times while enabling immediate, direct payment settlement of USD stablecoins compatible with Solana.
X (Twitter)
X, the social media platform led by Elon Musk, is obtaining money transmitter licenses in several U.S. states, which are required for companies that handle money transfers involving fiat or crypto assets. X plans to offer crypto payments directly between users, as well as other financial services, as part of its vision to become an “everything app”.
Swift
Swift, the global financial messaging service that facilitates cross-border payments, is experimenting with blockchain interoperability and stablecoins.
SWIFT is piloting a project with fintech company Symbiont Inc. The collaboration is aimed at driving “efficiencies in communicating significant corporate events,” like dividend payments and mergers.
Swift hopes to improve its efficiency and reduce costs by connecting with different blockchain networks and digital currencies.
These projects show that crypto payments are becoming more mainstream and accessible, as large platforms make it easier for users to embrace cryptocurrency without friction. Crypto payments are expected to attract millions of new users who value convenience and innovation.
Payment benefits of cryptocurrency
Enhanced privacy
One of the benefits of using cryptocurrency for payments is the privacy it offers. Users do not need to submit personal information when creating and using a crypto wallet, making them one of the most private payment methods available. However, it is important to note that cryptocurrencies are not completely anonymous and transactions can be traced on the blockchain.
Low or no transaction fees
Another benefit of using cryptocurrency for payments is the low or zero transaction fees. Cryptocurrency eliminates the need for third parties, like banks or payment processors, to verify a transaction. This removes the requirement to pay any extra transaction fees. However, transaction fees differ based on the cryptocurrency utilized.
Fast and secure
Cryptocurrency transactions are fast and secure. Unlike traditional payment methods that rely on intermediaries such as banks or payment processors, cryptocurrency transactions are peer-to-peer and verified by a network of computers. This means that transactions can be completed in minutes or even seconds.
Widely used
Cryptocurrency transactions are global and inclusive. Unlike traditional payment methods that are limited by geographic boundaries or regulatory restrictions, cryptocurrency transactions can be done across borders and between any two parties, regardless of their location or identity. This means that cryptocurrency can facilitate global trade and financial inclusion for people who are unbanked or underbanked.
Flexible and innovative
Cryptocurrency transactions are innovative and adaptable. Unlike traditional payment methods that are rigid and outdated, cryptocurrency transactions are based on cutting-edge technology that is constantly evolving and improving. This means that cryptocurrency can offer new features and functionalities that can enhance user experience and satisfaction.
Bottom Line
The involvement of Visa and X in the cryptocurrency space is a sign that the industry is gaining mainstream acceptance. It is also likely to help legitimize cryptocurrency and make it more accessible to consumers.
