02.03.202117:33 Forex Analysis & Reviews: Visa conducted a study: is society ready to accept cryptocurrencies as full-fledged means of payment

Long-term review

While the cryptocurrency market is recovering its position, multinational companies continue to expand the capabilities of the first digital asset. Japanese giant Rakuten said that the company's customers are allowed to make transactions using cryptocurrencies in thousands of retail outlets across the country.

It is not surprising that such a system appeared in Japan because another company from China has already provided similar services to customers. Financial giant SBI Group has allowed customers to earn on the XRP token by leasing it to other users. Against the background of the active growth of the cryptocurrency market in recent months, the number of companies providing such services has increased significantly.

Tesla Motors was the first to announce this, which was the impetus for a series of statements from major market participants. Against this background, the Portuguese energy company stands out, which has developed a special algorithm for conducting transactions. This method involves paying for services using more stable financial instruments, into which the required amount of bitcoins are converted.

Exchange Rates 02.03.2021 analysis

Apparently, this practice will soon become commonplace. And right now, it's hard to say whether this is due to a belief in cryptocurrencies or a desire to demonstrate to customers complete freedom to choose the means of payment. However, we can safely state that the appearance of bitcoin and other cryptocurrencies in the news agenda has had a large-scale effect, which is converted into the search for ways to introduce digital currencies into everyday financial transactions.

Payment giant Visa also continues to explore the future audience of Bitcoin. The company conducted a study that found that more than 25% of credit card holders in South America would like their banks to add cryptocurrency as a means of payment. Moreover, 78% of respondents said that, in the future, they want to use alternative payment systems in everyday life, including cryptocurrency.

According to a Visa report, cryptocurrency is ranked third in customer engagement. In terms of interest, the digital money market is second only to augmented reality and the Internet of Things industry. Based on this, we can say that 2021 can be a turning point in the development of the cryptocurrency market and the full-scale expansion of its functions.

To some extent, this was facilitated by great publicity in the media. There is no doubt that Visa will continue to actively support digital assets because it turned out that attention to them was underestimated. Constant records, investment injections from media companies, and publicity in the media have led to the fact that the number of users on crypto exchanges is growing every day. All these factors contribute to the strengthening of the status of cryptocurrencies, as well as systematic growth that does not depend on economic factors and investment preferences.

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Artem Petrenko,
Chuyên gia phân tích
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