Visa Invests and Partners with Deserve
Visa has invested in Deserve, a credit card technology provider based in Pala Alto. This was reported by Bloomberg yesterday as the investment by the payment behemoth in the credit card technology provider could offer an insight into the future plans of Visa. The size of the investment made by Visa into Deserve is yet to be revealed as this is being kept private at the moment.
This move by Visa to invest in Deserve will follow in the steps of Mastercard that is Visa’s main competitor. Mastercard was a part of Deserve’s funding round in June which generated about $50 million during the round. This helped the company boost its valuation to over $500 million following the funding round in June which Mastercard participated in.
Deserve Partners with Visa and BlockFi
Deserve has been building partnerships with other companies. The Fintech startup partnered with BlockFi, a cryptocurrency lender, and Visa to provide a card that offers Bitcoin-back rewards. This shows the willingness of the credit card technology provider to expand its service offering to customers and its dedication to expanding its operations.
The product which gives Bitcoin-back rewards was launched in July. This will allow approved customers to get 1.5% of their Bitcoin back while using the cryptocurrency to pay for goods and services. The introduction of this card is a great initiative that is designed to attract and keep customers on its service by offering Bitcoin-back rewards.
The card introduced by the partnership between Deserve, Visa and BlockFi has been successful so far. Kalpesh Kapadia, CEO of BlockFi, revealed that the card is now generating over $2 billion in transaction volume, and also customers spend more while on this card in comparison to the average cardholder. As the holders of this new card spend over 50% more than average cardholders. This demonstrates that the card is offering customers more incentive to transact using the card in comparison to others.
Visa is Committed to Crypto-based Card Programs
Visa’s head of cryptocurrency business, AJ Shanley, disclosed that the company is happy about the partnership with Deserve and their recent investment in the fintech company. Also, they want to continue to develop the crypto-powered card programs with the partnership and to work towards increasing the adoption of the card program. This demonstrates the commitment of Visa to the partnership with Deserve and BlockFi on their crypto-based card programs.
It was announced in June by Visa that their crypto-powered cards had amassed transaction volume that crossed the $1 billion mark within the first half of the year.
Mastercard revealed earlier this week that they had a deal with Bakkt, a cryptocurrency firm. This deal will allow merchants and banking institutions to use its network to provide crypto services.
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