It seems that Visa Inc. – currently the world’s largest payments network is showing an increasing interest in digital currencies and has recently approved a prepaid card that is backed by cryptocurrency ‘Monaco’.
It has to be noted that this new Monaco prepaid card has been approved to be issued only for residents of Singapore, Lea Cademenos, Visa spokesperson, said in an email. Visa has approved this program via Monaco’s issuer, wireCard AG.
Kris Marszalek, Monaco’s chief executive officer, said in a statement:
“The demand for the Monaco Visa prepaid cards has exceeded our expectations with over 17,000 cards reserved, based on word of mouth alone. This is an important step towards Monaco’s vision to introduce cryptocurrency to the mass market.”
Several cryptocurrencies are flocking their wings to get associated with Visa which holds the largest digital payment network in the world. Getting associated with Visa means that the cryptocurrencies can be converted into fiat money and can be accepted across all 44 million Visa approved merchant locations.
By May 17, Monaco had grown by a whopping 695% in its value when its announced for the first time that it would be having its own Visa branded card. Monaco has said that Singapore is the beginning in its prepaid card program. To lead and expand its operations further across rest of Asia, North America and Europe, the firm has recently hired former Visa executive – Brent Diehl.
Visa also has approved programs with ShiftCard and BitPay allowing customers to convert their cryptocurrencies into legal tender and further depositing the funds into bank which are linked with Visa prepaid or debit card
Also Read: Ethereum Founder Believes the Ethereum Technology May Soon Compete With Visa
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