Cuy Sheffield, Visa’s Head of Crypto, indicated in an interview that the payment processor would continue building on the blockchain.
Visa firmly commits to crypto
A year or two ago, almost no one would have expected a company like Visa, the world’s biggest payment processor, to even have a Head of Crypto position. Even fewer knew what NFTs were, let alone expected Visa to buy a Crypto Punk, one of the iconic pixelated profile pictures that skyrocketed in value in 2021.
But here we are. Visa is looking to build on the blockchain, and Cuy Sheffield, its Head of Crypto, reaffirmed the company’s commitment in a recent interview with a New Delhi media outlet. With crypto being at the intersection of commerce and culture, wallets are bound to become more ubiquitous in the future. At the same time, NFTs can accelerate the creator economy and facilitate the monetisation of content and digital services. That was Sheffield’s take on crypto assets, but he did not stop there.
He also expects NFTs to enable small and medium-sized businesses to sell and ship online goods more easily. And that is where Visa comes in. Sheffield noted that the company’s number of crypto partnerships had multiplied to currently 60, allowing it to gain additional insights into consumers’ perceptions and motivations to use crypto.
Visa and NFTs
Asked about their purchase of a Crypto Punk, Sheffield said that it was an important stepping stone to building that understanding from the ground up that is needed to engage with this nascent space. Understanding how to acquire, interact with, and custody a virtual asset was only possible through doing it. That is as true for a global company as it is for a retail investor.
The future of crypto at Visa
Asked about the future, Sheffield said that he expects Visa to function as a bridge connecting crypto and the company’s global network of 80 million merchants and 15,000 financial institutions. Crypto-linked debit cards would play an important role, as they make it easy for consumers to convert and spend crypto without putting the burden of converting it on the merchant. Sheffield also said that Visa’s partnerships with leading crypto exchanges around the world would continue to drive that adoption.
Payment processors getting into the crypto game
Visa isn’t the only global payment processor that is making inroads into crypto. Apple announced possible integration for its Apple Pay system and Mastercard is working on CBDC integration, linking government-issued digital assets to consumer’s cards.
That is another hint that the future will likely not only be multichain but also multi-card and possibly even multi-coin, as CBDCs compete with cryptocurrencies and payment processors compete for integration of digital assets with real-world businesses. As companies continue increasing their headcount working on crypto-related businesses, consumers can expect more real-world visibility of digital assets and more applicability beyond investments as well. Who knows, you may soon be able to pay your pizza in Bitcoin and pay by swiping your card without even noticing what is happening behind the scenes.
