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Crypto Weekly: Visa and PayPal deepen crypto commitmentsVisa carries out the first test to settle stablecoins directly on its network in return for a payment processed. PayPal is about to let users pay with cryptocurrencies at its merchants. The use of Bitcoin for remittance payments skyrocketed in emerging markets last year. Card issuer settles the first Visa transaction in USDC on Ethereum Visa and Mastercard are working to bring on crypto-related services onto their network, respectively. Visa is publicly working on two distinct services. First, Visa is set to launch a service for banks this year providing easy access to trading cryptocurrencies. Second, Visa has been working on enabling settlements in the second-biggest stablecoin called USDC directly on its network. Yesterday, Visa confirmed that it has launched the pilot program of this service. Additionally, the payment processor said it has successfully completed the first test as Crypto.com has send USDC on Ethereum to Visa’s wallet to settle a payment. Thereby, Crypto.com does not have to send fiat to Visa whenever users use a Visa card issued by Crypto.com. Instead, the new procedure enables the issuer to settle directly in USDC . In the future, Visa will also offer merchants settlement in USDC . This enables instant settlements of merchants instead of having them wait several weeks for their settlement to go through. PayPal to let users pay with cryptocurrencies PayPal launched buying and selling of cryptocurrencies in October 2020. At that time, it was expected that PayPal would let users pay merchants using their cryptocurrencies sometime in 2021. As expected, PayPal will shortly let users pay with their holdings in Bitcoin , Ethereum , Litecoin, and Bitcoin Cash , the company confirmed today. When users pay using cryptocurrencies, the selected cryptocurrency will instantly be converted to fiat to settle the merchant. The conversion will occur without any fees on the users’ end, and without any additional costs for the merchant compared to traditional PayPal payment types. However, as users are not able to deposit cryptocurrencies to PayPal, they need to buy them through the company, which is subject to heavy fees. PayPal will send out an official press release later today describing the service in detail. The press release will likely consist of the exact date for the roll-out, which is expected to take place within some months. Bitcoin sees growth in usage in developing countries According to Quartz, the usage of Bitcoin in developing countries skyrocketed last year, based on data from Chainalysis. Bitcoin is mainly used for remittance payments as it is significantly cheaper and faster compared to services like Western Union and MoneyGram traditionally used. It is especially Nigerians who are using Bitcoin to make payments into the country. This is happening to such an extent that the Nigerian central bank is now paying citizens to use official channels for payments. The surge in Bitcoin transactions also occurred in other emerging markets last year like Latin America, India, and Southeast Asia. However, the problem with Bitcoin for this purpose is the extreme volatility . As a result, it is likely just a matter of time until citizens in emerging markets adopt stablecoins, especially for remittance payments.
BITFINEX:ETHUSD
by thunderpips
4
Anti-competitive allegation (boo) - $235+ target 2021 (yay)What a juicy entry into Visa. I have worked closely with Visa, and these are some of the big points I think will work in their favour: > Right where the stock was before the pandemic crash in March 2020. What? > Olympic year -- Olympic years are good years for VISA as a TOP partner of the International Olympic Committee. Sure, we are a bit worried about how will the Olympics really look this year -- things seem a bit messy in Japan, but, if Japan can somehow get it together with the vaccines and protocol in time for the Games allowing some tourists in, this could be a good year with definitely stronger anticipated earnings for Sept/Oct earnings call. > Travel and spend -- VISA's main revenue source isn't your domestic spend. Sure, the pandemic has perhaps even surprised VISA, as they reported positive earnings with online transactions and local spend -- but once those boarders open, the spend during international travel is where the bulk of the revenue will emerge from. I feel (and I could be wrong as who knows how safe management wants to play it) -- VISA will have fairly positive guidance during the May earnings report, which will be a big catalyst for the stock to jump and set all-time-high. If not then, I would still hold a position for 2021, because as things get better and people travel, they carry Visa in their pocket. > Cryptos 'r' us + Dividend -- Few months ago VISA announced a Bitcoin based loyalty points program as a new product in select markets. VISA doesn't go "all in", but that's why I like VISA as a less risky yet growth-like stock. It can make strong moves upward, but, also keeps paying a tasty dividend. I had de-risked by taking profits on VISA a few weeks ago. I did miss most of the rally we saw last week, but profit is profit and they still paid me the dividend. I have been looking for a re-entry when I felt the stock cools and a pattern becomes more obvious. BUT WAIT... While this dip is super tempting, I am not going all in just yet. VISA dropped so sharp on allegations of anticompetitive practices, as the department of justice investigates claims that VISA channeled transactions over their own (more expensive) networks for retailers, rather than giving them options to transfer through other networks (which is their legal right and possibly cheaper). What this means is that investors don't like the shock, and decided to take profits. What I will watch for is how the narrative develops over the coming week. If the market is generally recovering and the VISA news has no major follow up, great. If there is more news, we could even get down to $190s. I don't expect the stock to break that support. Good luck traders!
NYSE:VLong
by Karam08
2
VISA. Ascending Triangle on Weekly. 3:1 RRR.NYSE:V is breaking a year long ascending triangle on the weekly time scale. Measuring by the height of the triangle, about $80, from the top of the triangle gives us a target of $296. This is 35% potential profit from the current price of $219. Taking the recent swing low as a guide, we can set our stop loss at $189. The triangle is not considered broken upwards until we see next week's candle trading above current week's candle, given that this week's close is above the triangle. Unfortunately I can't give a time window for this move. From a fundamental point of view, I suspect that Visa benefits from the Fed's increased interest rates. But I would need more research to understand precisely the magnitude of such effect.
NYSE:VLong
by TechNerdOmar
Buy $V - NRPicks Ene 31Visa is the world's largest payment processor. In fiscal year 2020, it processed nearly $9 trillion in purchase transactions. Visa operates in more than 200 countries and processes transactions in more than 160 currencies. Its systems are capable of processing more than 65,000 transactions per second. The pandemic has affected electronic payment companies to a lesser extent, Visa has reduced its sales by 17%. Visa and its major competitors (Mastercard and Paypal) have developed and expanded their brand around the world. Operationally, the company maintains a low level of debt compared to its competitors so it will meet its financial obligations. Fundamentals: - Growth - 15.7% estimated net profit growth for the next 3 years. - ROE 30% VS 13.7% industry Technicals: - Price level below the 250-200-150 SMA. - Williams R% at -79 levels - RSI oversold (37) - -10% downside during the month Visa showed an 11% correction from Dec. 9 to Jan. 28, which stopped at $193.6 support. The last results presentation on January 28th have not affected the share price, so it should have been already discounted. Finally, technical indicators such as SMA and Williams R% show positive signals for the stock.
NYSE:VLong
by NewroadTrader
1