Visa Partners With Coinbase to Enable Real-Time Cash Outs
The global credit card giant has teamed up with America’s largest crypto exchange again.
In an announcement on Oct. 29, international credit giant Visa unveiled the partnership enabling real-time money movement between traditional banking and crypto services using the Visa Direct network.
“This partnership adds convenience and new services for Coinbase customers across the US and EU, including real-time, reliable, and secure money movement,” it stated.
Visa’s head of crypto, Cuy Sheffield, commented on the collaboration on Oct. 30.
Collaboration between the two companies goes back to 2020 when Visa approved Coinbase as a “principal member” to improve customer experiences. The latest development expands on their existing relationship, which includes the Coinbase Visa debit card for US customers.
The crypto industry has often struggled to tap traditional banking and payment rails due to concerns over market volatility and industry scandals such as the high-profile collapses in 2022. However, as crypto regulations become clearer across the globe, some of those challenges could be eased.
Additionally, crypto regulations “could be firmed up in the US by the next administration,” reported Bloomberg. Coinbase is among many crypto firms that have spent millions influencing the presidential election through donations to super PACs (political action committees.)
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Customers of the exchange will be able to deposit funds into their Coinbase accounts in real-time using eligible Visa debit cards, the announcement added.
The Visa Direct network offers quick and secure money movements, further bridging the gap between traditional finance and blockchain technologies and helping to minimize waiting periods for fund availability.
Head of Visa Direct for North America, Yanilsa Gonzalez Ore, commented that “Coinbase users with an eligible Visa debit card know that they can take advantage of trading opportunities day and night.”
Meanwhile, Senior Director of Product Management at Coinbase, Akash Shah, added, “Bringing this feature to our customers supports our mission of increasing economic freedom in the world.”
From Wikipedia:
Visa Inc. (/ˈviːzə, ˈviːsə/) is an American multinational payment card services corporation headquartered in San Francisco, California. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards and prepaid cards.
Visa does not issue cards, extend credit, or set rates and fees for consumers; rather, Visa provides financial institutions with Visa-branded payment products that they then use to offer credit, debit, prepaid and cash access programs to their customers. In 2015, the Nilson Report, a publication that tracks the credit card industry, found that Visa's global network (known as VisaNet) processed 100 billion transactions during 2014 with a total volume of US$6.8 trillion.
Visa was founded in 1958 by Bank of America (BofA) as the BankAmericard credit card program. In response to competitor Master Charge (now Mastercard), BofA began to license the BankAmericard program to other financial institutions in 1966.[8] By 1970, BofA gave up direct control of the BankAmericard program, forming a cooperative with the other various BankAmericard issuer banks to take over its management. It was then renamed Visa in 1976.
Nearly all Visa transactions worldwide are processed through the company's directly operated VisaNet at one of four secure data centers, located in Ashburn, Virginia; Highlands Ranch, Colorado; London, England; and Singapore.[10] These facilities are heavily secured against natural disasters, crime, and terrorism; can operate independently of each other and from external utilities if necessary; and can handle up to 30,000 simultaneous transactions and up to 100 billion computations every second.
Visa is the world's second-largest card payment organization (debit and credit cards combined), after being surpassed by China UnionPay in 2015, based on annual value of card payments transacted and number of issued cards.[13] However, because UnionPay's size is based primarily on the size of its domestic market in China, Visa is still considered the dominant bankcard company in the rest of the world, where it commands a 50% market share of total card payments
Visa’s fiscal fourth quarter results underscored the payment network’s traction beyond card payments, as new payment flows in particular gained momentum. Commentary from the call and from the earnings supplement and earnings release show that overall payments volume grew 8% year over year.
In the United States, payments volume grew 5%, and international payments volume grew 10%. Cross-border volume, excluding intra Europe, rose 13%. In consumer payments, CEO Ryan McInerney detailed that Visa’s credential count was up 7% year over year, to 4.6 billion, and has issued cumulatively 11.5 billion tokens.
“Our key business drivers were relatively stable compared to Q3,” McInerney told analysts on the call. “More than 30% of our total transactions are tokenized.”
He called out account-to-account payments as an area of particular promise, where the firm is leveraging its “brand infrastructure and rules as well as consumer protections to enable simpler, safer and more secure account to account payments.”
Visa A2A, he said “is open to any eligible bank, and open banking provider, and verified biller. Initially, this is targeted at bill payments, and we plan to launch in 2025 in the U.K.”