It seems that Visa is ready to participate more aggressively than ever in the sector Cryptocurrency. After partnering with other companies related to financial innovation over the past year to offer credit and debit cards related to crypto payments, the payment services giant has now announced that it Intent to make a strong commitment to providing digital wallet services.
In particular, VISA has filed two patent applications to register its trademark so that it can be used in software to display, access and store cryptocurrency. NFT (non-fungible code). This was stated by Mike Kondodis, an intellectual property attorney, who confirmed in a post on the company’s blog that the Visa International Service Association filed two trademark applications with the United States Patent and Trademark Office, which passed on October 22.
VISA has submitted two trademark applications claiming plans for:
▶️ Manage digital, virtual and cryptocurrency transactions
▶️ Cryptocurrency + Cryptocurrency Wallets
▶ ️ NFTs + Virtual Goods
▶️ Provide virtual environments
… and more#NFT # metaverse #web 3 #cryptocurrency pic.twitter.com/SnTkt8jx4o
– Mike Kondodis (@KondoudisLaw) October 27 2022
According to Kondouduis, VISA aims to charge its users with a tool, in the form of software, capable of allowing them to view, access, store, monitor, manage, exchange, send, receive, transfer, and exchange virtual money and non-virtual tokens. – Innate.
Moreover, the payment giant appears intent on exploring business possibilities related to metaverse. In particular, VISA may decide to use its trademark in virtual environments, for example to allow users to interact for entertainment, leisure or entertainment purposes. Some analysts interpreted this move as one real answer At Mastercard’s request to be able to use its logo in virtual and augmented reality and in NFTs.
As for Visa, it is not new, quite the opposite
What has been announced by Visa should in no way be considered recent. The company has already launched a series of important initiatives related to the crypto sector, in addition to the ones we mentioned at the beginning.
In March 2021, VISA announced its intention to launch a pilot program that would allow its partners to use US dollars to settle transactions made in fiat. The following August, he spent more than $150,000 to purchase NFT pool, CryptoPunk, while in November a collaboration with BlockFi, a firm specializing in the crypto lending sector, was announced to launch encrypted credit card Which also includes a cashback program. A true novelty, a second one has been added to it, which is Bitcoin Black, a card without spending limits with 10% cashback in the form of SPND code, this time for residents of the UAE and Dubai.
Then closed the year with the announcement in December regarding Launch of the Visa Global Crypto Consulting Practicea consulting service designed with a specific purpose to assist clients and partners in their journey through the world of cryptocurrency.
Then the forays into the innovation sector gained more momentum during the month of October. 8 was actually announced Cooperation with the FTX exchange to launch debit cards in 40 countries. Thanks to them, FTX users will be able to purchase goods and services using debit cards without having to pay commissions and without any fees associated with owning the card.
Four days later, the news related to In collaboration with JPMorgan In order to improve the use of Liink and B2B Connect, or their blockchains, in a way that decisively facilitates cross-border payments. A collaboration that was supposed, according to some observers, to take place with the aim of providing an alternative to the SWIFT (Community of Worldwide Interbank Financial Telecommunication) messaging system, which is the most widely used standard at present for managing and facilitating border payments.
Finally, last October 26, it was announced the launch of a collaboration with Blockchain.com to launch a crypto card which will initially only be available to customers in the US. Thanks to it, users will be able to pay with their cryptocurrency or cash balance in all circles connected to VISA.
Visa’s intention seems clear enough
A long series of incursions that seem to be a logical consequence of a study conducted by Visa, “Cryptographic phenomenon: consumer behavior and useHe candidly mentions how cryptocurrencies are gaining ground, also in terms of awareness, with 94% of interviewees stating that they are aware of this phenomenon.
This is clearly a fact that cannot be ignored for a company ready to grow its leadership position in the digital payments sector and obligated to respond to the dynamics of competition in this space. Therefore, new initiatives like the one we just heard should not come as too surprising, at a time when the presence of virtual money, despite the crypto winter, continues to assert itself in everyday life.
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