Mastercard terminates card pilot programs with Binance in multiple countries
Binance is reducing its card partnerships, as Mastercard terminates its collaboration and the crypto exchange temporarily halts new applications for its Visa-supported European card. The card pilot programs with Mastercard in Argentina, Brazil, Colombia, and Bahrain will end on September 22, affecting only a small portion of users. Binance's co-branded card with Visa has also paused new applications for the EEA since July, but existing cardholders can continue to use and reorder their cards. <br>
WhiteBIT and Visa sign a memorandum of understanding to cooperate to improve the usability of crypto assets
WhiteBIT has signed a memorandum of understanding with Visa to improve the accessibility of cryptocurrency assets. The Ukrainian cryptocurrency exchange WhiteBIT and global leader in digital payments, Visa, have signed a memorandum of understanding to collaborate in the CEMEA region, including Central and Eastern Europe, the Middle East, and Africa. The collaboration aims to support WhiteBIT's partners who are interested in implementing cryptocurrency-related products and to establish a sustainable relationship with banks and fintech companies.
Visa Exploring Ways of Paying Transaction Fees on the Ethereum Blockchain With Just a Card
Visa is considering the option of allowing users to pay transaction fees on Ethereum using a card. Currently, users must use ETH to pay for Ethereum's gas fees, which can lead to complex transactions. <br>
Alchemy Pay partners with Checkout.com to integrate fiat-crypto payment gateway with Visa and Mastercard channels
Alchemy Pay, a fiat-crypto payment gateway, has partnered with Checkout.com to integrate its on and off-ramp with Checkout.com's Visa and Mastercard channels. The integration will also include Alchemy Pay's NFT Checkout in the near future. The partnership aims to achieve high payment acceptance rates and eliminate obstacles to widespread crypto and NFT service adoption. Alchemy Pay has been expanding its reach through partnerships with various companies and obtaining operational licenses in multiple countries, including the United States.
Gnosis Launches Self-Custodial Debit Card Utilizing Decentralized Payment Network
Gnosis has launched a new debit card, called Gnosis Card, which will use their new payment network, Gnosis Pay. Initially available in EU and EEA countries as well as the UK, the company plans to expand to the US, Brazil, Mexico, Singapore, and Hong Kong in Q4.
Alchemy Pay Launches Customized Crypto Card Solution for Businesses
July 3 (Cointime) - Alchemy Pay, a leading payment solution provider, has introduced a Crypto Card solution designed for businesses to issue their own branded Visa or Mastercard crypto virtual card. Through Alchemy Pay’s modular API, businesses can leverage its advanced payment infrastructure to offer a fast, secure, and convenient payment experience for their users.
Ethereum Competes with Visa as it Processes $3.01 Trillion in Transactions
The use of blockchain technology for payments is growing, as Ethereum has processed $3.01 trillion in transactions, just slightly less than Visa's $3.08 trillion. Despite its association with scammers and cybercriminals, Ethereum has become the second-largest network with a market capitalization of $227.8 billion, due to its versatility in powering various financial technology solutions. Established players such as Visa and Mastercard are recognizing the potential of Ethereum and experimenting with its technology to improve their payment systems. Additionally, businesses should consider accepting Ethereum due to its low gas fees and other benefits.
Visa and MasterCard agree to lower average credit card interchange fee below 1%
Visa and MasterCard have agreed to lower the interchange fee they charge retailers in Canada for credit card transactions to under one per cent. The government announced a deal that will reduce interchange fees for in-store transactions by 27% on average, saving retailers about $1 billion over five years. Businesses with annual Visa sales volume below $300,000 will qualify for the lower fee, as will those who do less than $175,000 from MasterCard. The Canadian Federation of Independent Business called the deal a "significant accomplishment" but wishes that the timeline to implement the new fee structure could be moved up from its current target of fall 2024.
Visa Tests Smart Contracts for Transaction-Free Payments on Ethereum's Goerli Testnet with Account Abstraction
Visa has conducted experiments on the Goerli testnet of Ethereum using smart contracts to enable transaction-free payments with the help of account abstraction. The company deployed two sets of "Paymaster" smart contracts to expand the capabilities of such contracts to user accounts and allow wallets to autonomously perform complex tasks and manage transaction costs on behalf of other accounts. The primary objective of these contracts is to simplify user interaction with the Ethereum network by eliminating the need for end-users to hold ether (ETH) for transaction or “gas” fees or letting users pay with any token. Visa's move is the latest in a relationship with Ethereum that dates back to at least 2021 when it announced it was settling payments in the USDC stablecoin on the blockchain.
Visa Deploys First Paymaster Smart Contract on Ethereum's Goerli Testnet, Continues to Experiment with Account Abstraction and EIP-4337
Visa's Head of Crypto, Cuy Sheffield, has announced that the company has deployed its first paymaster smart contract on the Goerli testnet of Ethereum. This move is part of Visa's ongoing research and experimentation with account abstraction and EIP-4337, as the company explores the potential of smart contracts and programmable money.
