August 28, 2020

When can we pay with bitcoins from a card?

There are more and more cryptocurrency owners: in 2020 there are 200 million bitcoin wallets in the world. And surveys show that 67 million people in the US and Europe have “digital gold”. But, no matter how this number grows, we still cannot pay with cryptocurrency in supermarkets and cafes. A large-scale financial revolution with the introduction of bitcoin into ordinary life has not yet happened.

This could happen when BTC is integrated with major payment systems. And, according to the latest news, the integration is getting closer.

VISA: ”We’re reshaping how money moves across the globe”

USA financial service emphasizes their love of high technology. Indeed, VISA is always at the technical forefront, including with regard to the blockchain. The company has invested in Anchorage, an ecosystem for cryptocurrency payments. And the research and development department has been studying blockchain for several years and creating its own products; including Zether and FlyClient. In July, a message appeared on the company's official website that VISA supports cryptocurrency technologies and plans to do this more intensively in the future.

“We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places. As such, we want to help shape and support the role they play in the future of money”.

Key values ​​of VISA in working with cryptocurrencies: security and privacy; independence; integration with VISA capabilities.

Mastercard: “driving cryptocurrency market forward”

VISA's main competitor, the Mastercard payment system, also has a similar process. In the section for investors on the official website, information about a partnership with the Wirex project has appeared.

As the company promises, the new joint product will make it easier for consumers to store and activate digital currencies: Wirex can “issue payment cards directly to consumers, making it easier for people to buy, hold and exchange multiple traditional and cryptocurrencies. Consumers can instantly convert their cryptocurrencies into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world”.

In the news, the payment service promises users "bitcoin-cashback": up to 1.5% of the spent BTC will return to the card.

News about partnerships with payment systems always heralds fluctuations in the bitcoin rate. If you are a trader, it is time to prepare for a favorable market situation and attract new funds for trust.