When I first heard about virtual credit cards from a friend, I was pretty skeptical. Having spent the last few years struggling with the idea of spending actual real world money on something like this, I was not sure if I could ever be interested. Then, my friend gave me his old credit card and when I entered the details, I discovered that I could use it to buy things online.
It is never too early to start thinking about ways to leverage cryptocurrency in everyday life. In a few months, you will be able to make purchases in a whole new way.
Global payment methods company Visa and Mastercard announced on Tuesday they will be offering virtual cards, a new type of payment card that allows people to store virtual currency in a secure virtual wallet that can be attached to the virtual card. Visa and Mastercard will also provide a processing network for virtual currency transactions, allowing merchants to accept virtual currencies from customers on their Visa and Mastercard cards.
Alchemy Pay, a hybrid crypto-fiat platform, said on Monday that it would introduce virtual crypto-linked cards that will accept more than 40 cryptocurrencies, including Bitcoin (BTC).
The new cards can be connected to Google Pay and PayPal digital wallets, and they can be used to make purchases on the Mastercard and Visa networks, as well as major e-commerce sites like Amazon and eBay.
Alchemy Pay has finished product development and begun beta testing in a number of major countries, according to the release. The company plans to launch the new product in its entirety by the end of 2021 or early 2022.
According to Alchemy Pay, the new effort is being launched in response to increasing demand for crypto-linked card transactions, enabling crypto companies to provide a complete range of services while also assisting conventional banks in integrating crypto-related solutions. Visa alone handled over $1 billion in total crypto expenditures in the first half of 2021, as previously reported.
Alchemy Pay did not immediately reply to a request for comment from Cointelegraph.
Related: Mastercard CEO: “We have to be in the crypto sector”
The announcement comes after Alchemy Pay joined with Binance, the world’s biggest cryptocurrency exchange by trading volume, only a few weeks ago. Binance will enable crypto payments among merchants of Alchemy Pay’s partners in 18 countries, including e-commerce giant Shopify, software technology firm Arcadier, mobile payment service QFPay, and others, as part of the Alchemy Pay integration. Binance Pay, Binance’s payment app, will be able to access the new functionality.
Visa and Mastercard have been actively pushing into the bitcoin sector over the last year, as Cointelegraph has reported.
Visa has reiterated its commitment to crypto payments and fiat on-ramps, highlighting a specific emphasis on stablecoin-based integrations, after announcing payment compatibility with Circle’s stablecoin USD Coin (USDT) in late 2020. Mastercard has partnered with Circle and Paxos, a blockchain company, to allow banks and crypto firms to launch crypto cards across the world.
In the world of cryptocurrency, it’s all about what’s next. The race to be the next Bitcoin is on, and since a lot of work and development has gone into the technology behind Bitcoin, there has been a lot of work and development into other cryptocurrencies as well. One of the most well known cryptocurrencies developed in this regard is Ripple, which is at the forefront of the race as the world’s second largest cryptocurrency.. Read more about visa digital currency and let us know what you think.
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