Pyypl, a fintech company operating in the Middle East and Africa (MEA), has partnered with Visa to introduce virtual and physical prepaid Visa cards via its mobile app. This strategic collaboration aims to enhance financial inclusion across the region, providing underserved populations with greater access to financial services. The integration of Visa virtual cards will […]
Bitcoin News
Tron’s USDT Triumphs: Daily Volume Climbs Above $53 Billion, Dwarfing Visa
USDT, Tether’s digital token pegged to traditional currencies, is leading a quiet revolution in the world of finance. In a landmark development, USDT has surpassed Visa’s average daily transaction volume on the Tron blockchain, underscoring its position as the undisputed leader in the stablecoin space. This surge signifies a growing confidence in stablecoins and their potential to disrupt the financial landscape.
USDT Flexes Muscles
USDT’s dominance is evident. Available on multiple blockchains, it has seen its market cap explode since its inception in 2014. But the recent milestone on Tron, a blockchain known for its lower transaction fees, is particularly noteworthy. Lookonchain data reveals USDT transactions on Tron hitting a staggering billion in a single day, exceeding Visa’s daily average of billion. This 20% lead underscores the increasing adoption of stablecoins for everyday transactions.
The 24-hour trading volume of $USDT on #TronNetwork is B, exceeding Visa’s average daily trading volume.
Visa’s trading volume in Q1 2024 was .78T and the average daily trading volume was B. pic.twitter.com/jolGKIUcxE
— Lookonchain (@lookonchain) June 21, 2024
Why The Rise Of Stablecoins?
So, what’s driving this surge? Unlike traditional cryptocurrencies known for their wild price swings, stablecoins offer a haven of stability. They are typically pegged to fiat currencies like the US dollar, meaning their value remains relatively constant. This stability makes them ideal for everyday transactions, eliminating the fear of sudden price drops that plague traditional cryptocurrencies. Additionally, stablecoins leverage the power of blockchain technology, enabling faster, cheaper, and more transparent transactions compared to conventional systems.
Regulation On The Horizon
As stablecoins gain traction, governments are scrambling to establish regulatory frameworks. The Lummis-Gillibrand Payment Stablecoin Act in the US and similar initiatives in the UK highlight a global concern for ensuring user protection and financial stability in the face of this innovation. While these regulations are crucial for responsible growth, navigating the ever-changing political climate adds another layer of complexity. For instance, the UK’s crypto policy remains uncertain with a looming general election.
The Future Of Finance
Despite the challenges, the momentum behind stablecoins seems unstoppable. Their ability to bridge the gap between traditional finance and the crypto world offers undeniable advantages. While daily transaction volume can be volatile, and concerns like rising transaction fees on Tron need to be addressed, the overall trend is clear.
Stablecoins are here to stay, and their impact on the global financial system is likely to be profound. As regulations take shape and the technology matures, stablecoins have the potential to revolutionize the way we conduct everyday transactions, ushering in a new era of financial inclusion and efficiency.
Featured image from Pexels, chart from TradingView
Binance Confirms Mastercard and Visa Support for Crypto Purchases but No Binance Credit Card Issued
Cryptocurrency exchange Binance posted on social media platform X Thursday that users can purchase cryptocurrency using Mastercard, Visa, or SEPA for bank transfers. The announcement led to confusion among some users regarding the reintroduction of Binance-branded credit cards. Binance Customer Support clarified that the current facilities allow the use of existing payment methods to buy […]
Bitcoin News
Mastercard, Visa, JPMorgan, and Other Major Banks Explore Tokenized Asset Settlements
Several major financial firms are collaborating to test the benefits of shared-ledger technology for jointly settling tokenized assets like commercial bank money and various securities. The initiative, known as the Regulated Settlement Network, is a proof-of-concept designed to expedite and secure cross-border transactions using a singular system for tokenized assets. This trial is an extension […]
Bitcoin News
Bitcoin’s Scalability Foreseen by Satoshi Nakamoto to Outpace Visa, Historic Email Reveals
This week, crypto enthusiasts and historians alike have found themselves enraptured by the wealth of newly released emails from Satoshi Nakamoto, uncovering the visionary’s early efforts with Bitcoin. Specifically, one email, identified as number #3, offers unparalleled glimpses into Nakamoto’s considerations regarding Bitcoin’s scalability, economic framework, and prospects. Emails Suggest Satoshi Nakamoto Was Quite Confident […]
Bitcoin News
Transak Partners With Visa for Rapid Crypto to Fiat Conversion in 145 Nations
On Tuesday, Transak, a company specializing in payment infrastructure, revealed its partnership with the financial services powerhouse Visa. This collaboration aims to empower users in 145 nations with the capability to seamlessly exchange their crypto holdings into local fiat currencies, leveraging the Visa Direct platform.
Enhanced Crypto Liquidity: Transak’s Alliance with Visa Facilitates Swift Global Transfers
Transak, a provider of payment infrastructure for cryptocurrency assets and non-fungible tokens (NFTs), has entered into a partnership with the leading payment company Visa. This collaboration facilitates instant withdrawals of crypto funds to debit cards in 145 countries, as highlighted by Transak’s announcement.
“By enabling real-time card withdrawals through Visa Direct, Transak is delivering a faster, simpler and more connected experience for its users — making it easier to convert crypto balances into fiat, which can be spent at the more than 130M merchant locations where Visa is accepted,” the North America head of Visa Direct and Global Ecosystem Readiness, Yanilsa Gonzalez-Ore said.
The press announcement sent to Bitcoin.com News highlights that a key attribute of Visa Direct is its capability for immediate transaction processing. This translates to the possibility of money transfers being completed in nearly 30 minutes or less, marking a notable improvement compared to conventional banking practices, which often require several days.
“Combining this with Transak’s robust infrastructure and support for over 40 cryptocurrencies, the collaboration welcomes a new dawn for those who want to quickly exit the crypto market,” the company emphasized. The partnership follows Visa’s announcement earlier this month that it will include Web3 elements in its customized loyalty program solution.
What do you think about Transak’s and Visa’s partnership? Let us know what you think about this subject in the comments section below.
Visa Adopts Web3 Tech for Its New Loyalty Engagement Solution
Visa, a worldwide leader in credit payment technology, has announced that it will include Web3 elements in its customized loyalty program solution. The company partnered with Smartmedia Technologies, a Web3 loyalty rewards startup, to add innovative features to these programs that include virtual worlds, digital wallets, and gamified rewards.
Visa Turns to Web3 to Revitalize the World of Loyalty Rewards Programs
Visa, one of the largest payments companies in the world, is adding Web3 elements to its loyalty program solution. The company announced that it was revitalizing its traditional engagement solution with Web3 elements to catch the attention of a new kind of customer with more expectations about rewards than just receiving points.
For this, Visa partnered with Smartmedia Technologies, a startup that allows adding virtual and digital experiences to rewards programs. Smartmedia has worked with American Express, Accenture, Axe, and Vodafone.
Kathleen Pierce-Gilmore, SVP and Global Head of Issuing Solutions at Visa, acknowledged that traditional points programs have failed to address the new needs of consumers in this field, which includes digital collectibles and augmented reality elements. She stated:
Our new innovative digital loyalty solution empowers brands to reward customers not only for their transactions but for their active engagement, paving the way for secure, seamless and immersive digital and real-world experiences at their fingertips.
In practice, this means that brands will be able to reward customers with tokens and digital collectibles for purchases, social media interactions, augmented reality treasure hunts, and informative polls. These tokens will allow users to unlock rewards at some destinations or enrich their experience in digital worlds.
Visa has been very active in the cryptocurrency and blockchain, having partnered with Valr, an African exchange, in October. In the same way, Visa also expanded its stablecoin settlements capabilities to the Solana blockchain in September.
What do you think about including Web3 elements in Visa’s loyalty engagement solution? Tell us in the comments section below.
Binance to Sunset Visa Crypto Card as 2023 Sees Decline in Digital Debit Cards
Several reports have revealed that Binance, which is recognized as the leading crypto exchange by trading volume, intends to discontinue its Visa crypto card on December 20, 2023. The enterprise emphasized that only a “small number of Binance users” would be affected by this development.
Binance to Discontinue Visa Offering by Year’s End
In 2023, crypto debit cards have been falling out of favor rapidly, triggered in part by a series of bankruptcies that ignited a crypto bear market. Back in March, Bitpay in the U.S. phased out its prepaid Mastercard program, although it assured users of a renewed card service on the horizon. However, this week, holders of the Binance Visa card were informed via email that the card would cease to be functional by the close of the year.
The email communicated that the Binance Visa card would become non-operational post-December 20, 2023. The Binance Visa, which was available to users in Europe, was utilized by individuals across various countries including Austria, Belgium, Bulgaria, Croatia, France, the Czech Republic, and Finland, among others. Binance has suggested that cardholders can switch to Binance Pay for their shopping needs, provided the service is accessible in their region.
The email also clarified that, despite the changes, Binance accounts would remain unaffected and continue to operate as usual. A lively discussion about the Binance Visa card issue has taken place on social media. “Binance shutting down their Visa card,” one person said. “The [Gnosis Pay] card cannot come soon enough! wen shipping?” Another user expressed indifference towards the shutdown, expressing a preference for the Crypto.com Visa card instead.
What do you think about Binance shutting down its Visa service? Share your thoughts and opinions about this subject in the comments section below.
Report: Valr Partnership With Visa to Expand the Reach of the South African Crypto Exchange
The South African crypto exchange Valr said its partnership with the global card firm Visa is set to expand the former’s reach. The two companies said they would work on a solution that enables Valr customers to use the card firm’s network to make or receive payments.
Harnessing Visa’s Vast Experience and Global Reach
The South African crypto exchange Valr has partnered with the global payment card services corporation Visa to expand the use of crypto payments inside and outside the African country. The partnership arrangement means the two firms will collaborate on payment solutions that leverage the crypto exchange’s expertise and Visa’s capabilities.
Farzam Ehsani, the CEO and co-founder at Valr, lauded the partnership as a step that allows the crypto exchange to widen its range of products.
“Visa is a household name in payments, with vast experience and global reach. A partnership with Visa was a natural step for VALR as we bring more innovative products and services to our customer base,” Ehsani said.
Lineshree Moodley, the general manager for Visa South Africa, said the two companies would work on a solution that enables Valr customers to use the card firm’s network to make or receive payments.
For Valr, the announcement of the partnership with Visa represents another step in the crypto exchange’s endeavor to become a global digital asset platform. It also comes just under a month after the crypto exchange said it had commenced the process to acquire a license in the UAE.
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China Allows Visitors to Top Up Digital Yuan Wallets with Visa, Mastercard, Cash
Trying to make the digital yuan more attractive for foreigners, China has added a “recharge before use” feature to its digital currency system. The upgrade will allow visitors from abroad to replenish a digital yuan wallet through the global payment networks Visa and Mastercard among other methods.
China Allows Foreign Users of Its Digital Yuan to Preload Their E-CNY Wallets
The operators of China’s central bank digital currency (CBDC) platform have upgraded its payment services to make the process of spending the digital yuan (e-CNY) more user-friendly to foreign nationals visiting the country, the state-run China.org.cn portal informed readers.
The newly introduced “recharge before use” feature on the digital yuan app allows visitors to replenish the built-in e-CNY wallet using the online services of the leading global payment networks Visa and Mastercard.
Foreigners can also load the Chinese digital currency wallet by depositing cash in a bank office. At the end of their stay, they will be able to return any remaining balance to their overseas bank card or account used in the beginning.
The report notes that as mobile payments have become more dominant in China than other regions, the new option will offer foreigners a better experience during their visit. Previously, they could not top up their e-CNY wallets in advance, the article recalled.
The change will provide foreign users with equal access to more convenient payment methods such as the “quick pay” option. It will also let them spend their e-CNY both at physical stores accepting the digital currency as well as online platforms such as ride-hailing app Didi, takeaway service provider Meituan, travel portal Ctrip, and e-commerce retailer JD.
According to Dong Ximiao, chief researcher at Merchants Union Consumer Finance, the upgrade will create a more convenient payment environment for people visiting China. Zhou Maohua, an analyst at China Everbright Bank, believes it will also increase the presence of the digital yuan in cross-border transactions. Both are convinced that the move will promote the Chinese CBDC internationally.
China has been developing the digital version of the yuan since 2014 and has launched a number of trials in the past couple of years. At the end May, its central bank announced that e-CNY transactions in trial regions had reached 264 million, totaling 83 billion yuan (.4 billion) in value. By the end of June, they were already at 1.8 trillion yuan (0 billion) with 16.5 billion digital yuan in circulation.
Do you think the latest update of the digital yuan payment system will convince more visitors to use the CBDC? Tell us in the comments section below.