Preface
The content of this article is simultaneously published in the "Chain Flash" column.
A few days ago, Visa successfully tested a solution for using credit cards to pay Ethereum Gas Fees. The solution uses Ethereum's ERC-4337 protocol, allowing the smart contract to act as a wallet and pay the user's Gas Fees through the main contract.
In fact, Visa has been constantly exploring and innovating in the cryptocurrency industry, but did you know that Visa began to deploy the cryptocurrency industry as early as 2015?
This article will take you to explore how much time and effort Visa, a payment giant, has spent exploring the encryption industry, and what kind of application services has it launched?
Visa 2015~2023 development history
2015
Launched a prototype app in partnership with DocuSign that allows consumers to drive a new car they reserved online after the dealer taps a touch screen and signs documents with their fingertips. By combining DocuSign's digital transaction management platform and electronic signature solutions with Visa's secure payments technology, the system turns the car into an extension of the owner's wallet. Once connected, the vehicle can automatically pay for in-car expenses such as goods and services. This technology can also allow insurance companies to provide mileage discount notifications through the vehicle's screen, or car dealers to understand all vehicle needs before you arrive. This innovation can reduce consumers’ worries during the car purchase process and enable transparent online transactions.
2016
The cooperation with Chain Company has launched an international B2B payment solution based on blockchain technology, which not only improves the transparency and security of global B2B payments, but also demonstrates the innovative potential of financial transactions. At the same time, Chain Company has open sourced the core program code of the blockchain platform, taking into account the spirit of openness and the commitment to industrial development, and jointly promote the widespread application and innovation of blockchain technology. This series of initiatives reveals the practical value of blockchain technology in the financial industry and opens up new possibilities for further innovation and development of the entire industry.
2017
It not only actively invests in the research and development of blockchain technology and is optimistic about its potential in financial transactions, but also launches global cryptocurrency cards and payment solutions that support Bitcoin and Bitcoin Cash with different partners. This series of actions demonstrates Visa's open attitude and innovative spirit towards new technologies, and effectively promotes the practicality and acceptance of cryptocurrency in the mainstream financial industry. By combining blockchain and cryptocurrency technologies, Visa is actively shaping the future of financial payments.
2018
Visa’s decisions this year have led to both pros and cons having different views on the payment giant.
front:
By acquiring Ripple’s cross-border payment partner Earthport and launching cards that support multiple cryptocurrencies, it has demonstrated its trust and willingness to invest in blockchain technology. These initiatives aim to expand global payment networks, make cross-border payments faster and cheaper, and promote the utility and acceptance of cryptocurrencies in the mainstream financial industry.
On the other hand:
However, Visa suddenly discontinued services for some cryptocurrency-supported cards, raising questions about its support for cryptocurrencies and causing confusion for related companies and users. In addition, Chief Financial Officer Vasant Prabhu expressed concerns about the speculative nature and price fluctuations of cryptocurrencies, arguing that it is a dangerous investment, reflecting the alertness within the company about the potential risks of cryptocurrencies.
2019
This year, Visa’s development focus is on two major areas: “cryptocurrency cards” and “technical innovation.”
Cryptocurrency Card Cooperation and Promotion
Visa has partnered with companies including Coinbase, Wirex and Crypto.com to launch cryptocurrency-enabled charge and travel cards. These cards allow users to pay, withdraw, and even use cryptocurrencies directly across the globe, offering instant conversions in multiple currencies and zero foreign exchange fees. These collaborations aim to promote the daily use and popularity of cryptocurrencies, making them more convenient for travel and daily consumption.
Visa Innovation and Investment in Blockchain Technology
Visa has launched the B2B Connect platform, a blockchain-based global payments solution, to provide safer and more transparent cross-border payment services and developed a new blockchain system for more efficient management of digital identities to Protect consumer privacy and security. These innovations demonstrate Visa’s trust in, investment in, and leadership in blockchain technology.
2020
Visa is actively promoting the popularity and acceptance of blockchain and cryptocurrency through multi-party collaboration and innovation. Whether it’s filing a patent application to help central banks mint digital fiat currencies, partnering with Circle to bring Stablecoins to global enterprises, launching a Bitcoin rewards credit card, or partnering with Chiliz and Socios to promote fan tokens, Visa is demonstrating its commitment to blockchain technology of in-depth exploration and trust, and closely integrate traditional finance with the cryptocurrency industry to promote innovative payment solutions on a global scale.
2021
Visa has demonstrated strong support and trust in the blockchain and cryptocurrency industry. Not only did it complete the first cryptocurrency transaction on Ethereum, promoting its application in the mainstream financial industry, it also launched cryptocurrency consulting services for enterprises, purchased NFT worth US$150,000, and developed a general-purpose blockchain platform. payment channel, and co-invested in a $300 million blockchain fund with PayPal. These initiatives reflect Visa's in-depth exploration of blockchain technology and its active promotion of its application among global payments, financial institutions, enterprises and consumers to promote innovation and development of the entire financial ecosystem.
2022
Visa is actively expanding its business in the blockchain and cryptocurrency industries and promoting the transformation of the entire financial ecosystem through diversified cooperation and innovation strategies. This includes providing automatic payment functions for cryptocurrency wallets, collaborating with Crypto.com to launch NFT artwork for the FIFA World Cup, collaborating with Blockchain.com and JPMorgan to improve the efficiency of cross-border payments, and trademarking in industries such as crypto wallets, NFT and the Metaverse. Apply. Visa’s CEO has publicly emphasized his confidence in the future role of cryptocurrency in payments and promised to continue investing and innovating in this industry. These actions demonstrate Visa's in-depth exploration and application of emerging technologies, aiming to connect traditional finance and digital finance to provide more convenient and safer payment solutions.
2023
Visa is actively promoting multi-party cooperation and innovation in the cryptocurrency industry to consolidate its leading position in the global financial ecosystem. Although it suspended its cryptocurrency promotion plan with Mastercard in response to market instability, Visa has still shown strong interest in stablecoin payments and invested in developing related solutions. At the same time, Visa is cooperating with different companies around the world to promote the application of cryptocurrency, such as launching a Visa card that allows self-custody with Gnosis, promoting CBDC-based agricultural contract solutions in Brazil, and testing payment blocks through legal currency An innovative way to chain Gas fees. In addition, collaborations such as the Global Exclusive Partnership and the Fintech Partner Connect Program also demonstrate Visa’s deep commitment to the broader integration of cryptocurrencies into daily consumption and to promoting innovation in the Fintech industry.
in conclusion
Visa has actively demonstrated its innovation ambitions with its investment and commitment to blockchain and cryptocurrency technology in recent years. From developing cross-border payment solutions, promoting the popularity of cryptocurrency cards, and recently testing Ethereum Gas Fee payments, Visa has not only improved the practicality of these technologies in mainstream finance, but also promoted the transformation of global payment networks.
I think Visa's strategy is clear and forward-looking. It combines blockchain with existing financial foundations to bring convenient and secure payment solutions and highlights the potential of blockchain in the global financial ecosystem. Such investments and cooperation not only accelerate the popularity of emerging financial technologies such as cryptocurrency, but also herald more blockchain and cryptocurrency products in the future that can promote transparency and efficiency in financial markets.
References
2015
Visa prototype would let you lease car — from within car
2016
Visa Introduces International B2B Payment Solution Built on Chain’s Blockchain Technology
Blockchain hype takes hit as Chain releases code for all to use
2017
Visa dodged bitcoin, embraces blockchain
Monaco Visa®, World's Best Cryptocurrency Card, Comes out of Stealth Mode, Launches ICO Starting May 18th
Visa cards could soon help Bitcoin work in the real world
Bitcoin.com to Launch Bitcoin Cash Visa Debit Card
2018
Some cryptocurrency-backed debit cards dropped from Visa network, leaving users scrambling
Visa CFO on cryptocurrencies: 'You have a bubble when the guy shining your shoes tells you what stock to buy'
Visa Crypto Card Supporting Bitcoin, Ethereum, XRP, Binance Coin and MCO Launching in the US
Visa to Purchase Ripple Cross-Border Payments Partner Earthport
2019
Coinbase Launches Crypto Visa Debit Card for UK and EU Customers
Big step for VISA B2B Connect blockchain payments with FIS integration
Crypto.Com Announces Date of MCO VISA Cards Release in the US!
Wirex Visa Travelcard Launches – Lets Users Spend With Crypto And Fiat Currencies Worldwide
Visa R&D Arm Develops a Blockchain System That Could Replace Financial Data Aggregators
2020
Visa Patent Filing Would Allow Central Banks to Mint Digital Fiat Currencies Using Blockchain
Fan Token Providers Chiliz and Socios Launch Visa Debit Card
Visa and BlockFi to launch Bitcoin rewards credit card as adoption grows
Circle Announces Partnership with Visa to Bring the Benefits of Stablecoins to Businesses Worldwide
2021
Visa Completes First Cryptocurrency Transaction on Ethereum
Visa, PayPal Join Crypto VC Blockchain Capital’s New $300M Fund
Visa paid $150,000 for a 'CryptoPunk' blockchain token
Visa Unveils Universal Payment Channel for Blockchain
Visa launches crypto advisory service for financial institutions, merchants
2022
JPMorgan and Visa link blockchain payment networks
Crypto company Blockchain.com to issue Visa debit card
Visa Files Trademark Applications for Crypto Wallets, NFTs and the Metaverse
Visa brings NFT art to FIFA World Cup 2022 in partnership with Crypto.com
After FTX’s meltdown, Visa’s incoming CEO says crypto can still be part of future payment systems
Visa explores auto payments for crypto wallets
2023
Visa, Mastercard pause crypto push in wake of industry meltdown - sources
Visa’s Brazilian CBDC solution targets tokenized farm contracts
FOLD ANNOUNCES EXCLUSIVE GLOBAL PARTNERSHIP WITH VISA
Bitpanda partners Visa and joins the Fintech Partner Connect programme
Stablecoin payments: Visa shares plans for ‘ambitious’ crypto product
Gnosis launches Visa card that lets you spend self-custody crypto in Europe, soon US and Hong Kong
Visa Tests Way to Make Paying Ethereum Gas Fees Easier
