Visa has announced that it is enabling cryptocurrency withdrawals on debit cards in 145 countries, following a partnership with Transak, a provider of payment infrastructure for cryptocurrency assets.
A report by Cointelegraph reveals that the new integration will allow consumers to withdraw various cryptocurrencies directly from a digital wallet to a Visa debit card. The feature is now accessible at over 130 million locations where Visa is accepted. This move marks another step in Visa's embrace of cryptocurrency adoption. In 2020, the company partnered with a blockchain firm to support the USDC stable coin on specific Visa cards, broadening the options consumers have to convert crypto into fiat currencies and vice versa.
Transak, in its press release, highlighted that a significant feature of Visa Direct is its ability to process transactions in under 30 minutes. The collaboration between the two companies aims to significantly reduce the delays associated with traditional banking systems. This partnership is seen as a critical stride towards mainstreaming cryptocurrencies and digital currencies.
Yanilsa Gonzalez-Ore, North America Head of Visa Direct, said: "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."
The Motley Fool reports that over 52% of American adults possess a Visa credit card. In terms of purchase volume, Visa credit accounted for over half of the total purchase volume in 2022 with $2.84 trillion. Furthermore, Visa credit cards also had the highest outstanding balances in 2022, amounting to over $502 billion.
