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Has Visa’s regional operations decided on a timeline for launching any cryptocurrency-related payment options?
Encryption is a trend we cannot ignore. Globally, the use of cryptocurrencies as digital payments is increasing, and of course, this trend is spreading to the Middle East following the implementation of relevant regulations.
The number of people using cryptocurrency-related credit cards is on the rise. Visa reports that crypto transactions in 2021 will be worth around $3.5 billion.
Around 400 million people around the world have bought cryptocurrencies. At Visa, we see ourselves as a network of networks, and the crypto network is definitely one of the networks we want to facilitate currency exchange. That’s why Visa works with over 75 cryptocurrency exchanges.
What we do with a lot of exchanges is we enable users to issue Visa cards that contain cryptocurrency and enable them to purchase any product with their crypto card through the 80 million merchants around the world that accept Visa.
Our “Stay Safe” study showed that in the UAE, less than a quarter of respondents said they would be willing to use new payment methods such as cryptocurrencies to pay for goods or services, while 17% were unaware of cryptocurrencies. (This shows that) consumers need more education and awareness for cryptocurrencies to develop into a common and trusted payment method in the UAE.
In the UAE, however, some retailers, such as Day To Day Hypermarket and grocery delivery service YallaMarket, have now started accepting cryptocurrencies as a payment method.
But consumer education and clear regulations are critical for greater adoption of cryptocurrencies as a means of payment in the UAE.
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