What is the current state of cryptocurrency as a viable payment option?
Recently, a fintech platform known as Ternio announced that it has joined up with Visa’s Fast Track program. Ternio will be an enablement partner with a focus on cryptocurrency.
By joining Visa’s Fast Track program, Ternio would be able to more easily leverage the latter party’s payments network on a global scale. Additionally, payment options involving cryptocurrency will be introduced to users.They will be able to seamlessly interact with cryptocurrencies via linked bank accounts and debit cards, according to the press release.
Terry Angelos, the global head of fintech at Visa, said that the company is excited to partner up with Ternio, as the new relationship can provide support to fintechs of different sizes. These companies can then easily gain more reach and security thanks to Visa’s established network.
“Ternio’s focus and expertise in the crypto ecosystem will help Fast Track companies focused on digital currencies to quickly and easily access Visa’s platform and its scale,” Angelos said. “We have strategically evolved both our platforms and how we work with partners and customers to encourage a broadening fintech ecosystem.”
He added how Visa’s work with Ternio is a stepping stone and the company looks forward to supporting them.
Daniel Gouldman, the chief executive officer and co-founder of Ternio, also expressed his excitement about the new partnership. According to Gouldman, his company is a leader in white-label technology when it comes to the cryptocurrency space.
By working together with Visa, Ternio would be able to further deepen the connection between legacy financial systems and blockchain technology. Now part of the Fast Track program, Ternio would be able to further scale its existing card programs with Visa. The gap between cryptocurrencies and traditional fintech would be further bridged as well, which would help Ternio create better products for their customers.
According to the announcement, approximately over 61 million merchants worldwide accept Visa payments, which means that Ternio’s Blockcard can be used globally. Blockcard is a virtual debit card and platform that allows users to make purchases via cryptocurrency.
Currently, the official Blockcard website states that their account holders may earn “6.38% crypto back rewards on merchant purchases.” This is in addition to receiving a free checking account for purchasing cryptocurrency in USD.
As the world of cryptocurrency continues to have an effect on consumer behaviours, it is imperative that merchants keep up with the latest trends and payment processing options. By working with Merchant Broker, business owners can discover tangible opportunities and improve their profit margins.
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