Visa, Mesh Pursue Direct Crypto Payments Across 175 Million Merchants Worldwide

Visa Inc. is partnering with crypto payments network Mesh on a service that would let consumers use cryptocurrencies and stablecoins held in digital wallets for everyday purchases.

Cointelegraph reported on October 19 that Visa and Mesh signed a partnership agreement to enable users to pay directly from digital wallets without separate bank transfers or crypto-linked card issuance.

If the service is introduced, users would be able to buy goods and services with crypto at online and offline merchants through participating digital wallets. Merchants would continue using Visa's existing payment network, eliminating the need to build or modify separate payment systems.

Visa's global payments network connects more than 175 million merchant locations across more than 200 countries and territories. The digital wallets and devices that will support the service, along with the rollout schedule by country, have not yet been finalized and will be disclosed later.

Mesh will convert cryptocurrencies and stablecoins into fiat currency during the payment process and handle transaction funding. It also plans to provide Visa payment functions through partner wallet applications, as well as customer onboarding and know-your-customer, or KYC, procedures.

Mesh previously integrated with Bybit Pay in September to let users spend assets held in exchange accounts directly for payments. In January, it raised $75 million in a funding round led by Dragonfly and was valued at $1 billion at the time.