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Given two recent trademark applications, it’s possible that major credit card provider Visa intends to investigate digital wallet services.
Visa International Service Association reportedly filed two applications with the United States Patent and Trademark Office (USPTO) on October 22 for its character mark to be used in software “to view, access, store, monitor, manage, act, send, receive , transfer and exchange” crypto-assets and non-fungible tokens (NFT).
In addition, it was suggested by the documents that the credit card company may consider a foray into the metaverse, where the name would be used in “virtual environments where users can interact for recreational, leisure or entertainment purposes.”
According to Mike Kondoudis, “VISA has filed 2 trademark applications claiming plans for: Managing digital, virtual and cryptocurrency transactions, digital currency + cryptocurrency wallets, NFTs + virtual goods, offering virtual environments… and more#NFT # Metaverse #Web3 #Cryptocurrency”
Some estimates say that more than 1 billion Visa cards are used worldwide. The company has previously partnered with crypto companies to offer credit and debit cards linked to crypto payments. In 2019, there were 45 billion general credit card transactions in the US (based on cards issued by the four major networks – Visa, Mastercard, American Express and Discover), totaling nearly $4 trillion in dollar volume.
In 2019, the big four networks issued 45 billion credit card transactions, totaling nearly $4 trillion. The trademark filings came after Mastercard applied to the USPTO in April to use the logo on NFTs and metaverse. Earlier this month, Cuy Sheffield, Visa’s head of crypto, stated that global acceptance is required for crypto adoption to continue to grow. On October 25, Mastercard, Visa’s main competitor, announced a strategic partnership with BitOasis, the leading crypto platform in the Middle East and North Africa (MENA), to launch a series of crypto card programs aimed at facilitating the use of digital assets in the region.
The credit card business has recently launched a series of gradual forays into crypto. Visa announced in March 2021 that it intended to start a pilot program to allow its partners to use USD Coin to settle fiat transactions.
To gain a “first-hand understanding of the infrastructure requirements for a global token to purchase, store and leverage an NFT,” the company also invested $150,000 to purchase a CryptoPunk in August 2021.
The author is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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