Visa has teamed up with Mesh, a digital asset payments network, to allow consumers to spend their cryptocurrency and stablecoin balances at merchants around the world using the Visa payment network.
Seamless integration for crypto spending
The collaboration enables users of participating digital wallets to pay in stores and online with their crypto holdings, without the need to first transfer funds to a bank account or obtain a separate crypto-linked card. Merchants will receive payments through Visa’s existing infrastructure, so no updates to checkout systems are required.
Visa currently operates the largest card network by merchant coverage, with more than 175 million merchant locations across more than 200 countries and territories. Mesh reported that details about which wallets and devices will support the feature, along with launch timelines, will be shared once rollout plans are finalized.
Mesh’s role in the payments partnership
Mesh will facilitate funding for transactions and oversee conversions among cryptocurrencies, stablecoins, and government-issued currencies. Payment credentials for Visa will be generated directly within participating digital wallet applications.
Mesh will also be responsible for onboarding customers and verifying their identities according to Know Your Customer (KYC) requirements. This ensures compliance with regulatory standards while providing a streamlined experience for end users.
Mini dictionary: Mesh is a digital payments infrastructure company specializing in facilitating direct spending of cryptocurrencies, stablecoins, and other digital assets across various platforms by integrating with major payment networks.
Background and recent developments
The latest agreement builds on Mesh’s recent integrations and business growth. In September, Mesh linked its platform with Bybit Pay, the payments service from cryptocurrency exchange Bybit, allowing users to spend their exchange balances directly on supported platforms.
Mesh completed a $75 million funding round in January, led by investment firm Dragonfly, reaching a company valuation of $1 billion. This financial backing aims to support the company’s ongoing expansion and product development as it works with major players in the payments and cryptocurrency industries.
Visa and Mesh aim to let consumers use cryptocurrency and stablecoins for everyday purchases at millions of merchants globally, all through devices and wallets they already use, without extra cards or bank transfers.
