Visa's collaborations with cryptocurrency exchanges have directed billions of dollars in payment volume, as disclosed by Akshay Chopra, the Head of Innovation and Design for CEMEA at Visa.

Chopra highlighted the enduring significance of Visa cards in bridging the gap between traditional fiat currencies and cryptocurrencies.

In an effort to drive adoption, the company has partnered with 75 prominent cryptocurrency exchanges in 2021, allowing them to issue Visa cards. This strategic move resulted in transactions worth $3 billion.

Chopra asserted that blockchain-based solutions offer untapped potential for facilitating payment settlements between financial institutions.

He also drawn attention to the limitations and inefficiencies of current systems, such as the SWIFT payment system, which operates within certain hours and restricts international transactions beyond a specific time.

To address this, a pilot project was conducted in collaboration with Circle, utilizing USD Coin (USDC) to enable cryptocurrency exchange partners to settle payments through USDC after regular business hours.

The executive acknowledged that regulatory hurdles pose challenges for mainstream adoption, but Visa remains committed to exploring innovative solutions.