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Payment systems

Payment systems

Even today, the business community understands that cryptocurrency payments' relatively low commission and fast processing speeds will help them expand their target audience, attract new customers and remain one step ahead of their major competitors. This process makes it possible to become a little less dependent on the traditional banking system.

That's why the largest payment systems are turning their gaze to cryptocurrencies. One of the first to announce that it would offer customers the opportunity to buy, sell and store Bitcoin and other digital coins using its online wallets was PayPal, the largest debit-based electronic payment system. The US is the first market to try out this feature. PayPal customers can also use cryptocurrency for purchases from 26 million sellers on its network.

In February 2021, MasterCard announced that it plans to support digital currency transactions directly on its network and allow its customers to pay for goods with them. The company was interested in such an opportunity back in 2013 but decided to abandon these plans two years later. Now, however, cryptocurrency payments with this company have become a reality. It plans to integrate digital currency payments in Q4 2021. To bring these plans into fruition, the company already owns 89 blockchain patents and is awaiting the approval of 285 more patents worldwide.

Visa isn't too far behind, either. The company's CEO stated that it plans to allow Bitcoin to be purchased with Visa cards and spent anywhere Visa is accepted. They intend to make Bitcoin exchangeable for traditional currency and immediately usable in any of the 70 million places where Visa is accepted. It's believed that Visa's strategy will cover Bitcoin, altcoins and stablecoins. In addition, the company concluded a partnership with, a major cryptocurrency exchange, to jointly issue credit cards.

Visa is also developing APIs through which banks will be able to provide their customers with the opportunity to buy and sell cryptocurrencies using the Visa network, Ethereum blockchain and Anchorage's custodial services. The product's launch is scheduled for late 2021.