Visa and Mastercard actively check issuers of their crypto cards

Payment giants Visa and Mastercard tightly control the card issuers involved in the cryptocurrency industry. Such companies must provide data on how to counter illegal activities and, in particular, fraud and money laundering through new financial instruments, before they are allowed to offer plastic to customers.

Kai Sheffield, head of the crypto division of Visa, believes this approach is nothing more than control and discretion, in addition to the work that is done for typical issuers.

In November, Visa announced the expansion of its Fast Track program, which will support the fintech industry during the COVID-19 pandemic with solutions to accelerate growth and improve customer service. “Visa aims to be the network of choice for cryptocurrency wallets. Fast Track is really the first step to ensure that the next generation and a new wave of issuers have the opportunity to come to us and launch card programs, “said Kai Sheffield, noting that the payment company must be sure of the source of the cryptocurrency before the assets are available. available for storage, conversion or transactions.

Add, according to the statistics of the payment giant Visa, the number of contactless transactions using the company’s plastic increased by $ 500 million during the total quarantine period.