Visa switches to allowing payments using cryptocurrency

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Visa said on Monday it would allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, the latest sign of growing digital currency acceptance by the major financial industry.

The company told Reuters that it has launched a pilot program with a payment and crypto platform and plans to offer the option to more partners later this year.

Bitcoin, the most popular crypto coin, jumped to a one-week high in the news, rising 4.5% to $ 58,300 (approximately Rs. 42.4 lacquer) and heading back to a record high of over $ 61,000. 44.4 varnish) hit earlier this month.

Visa subsequently confirmed the news in a statement.

USD Coin (USDC) is a stable cryptocurrency whose value is fixed directly to the US dollar.

Visa’s move comes as financial firms, including BNY Mellon, BlackRock and Mastercard, take steps to make better use of cryptocurrencies for investment and payment purposes.

Tesla Chief Elon Musk, a staunch supporter of cryptocurrencies, said last week that customers could buy his electric vehicles with bitcoin, hoping to encourage more daily use of the digital currency.

“We are seeing a growing demand from consumers around the world to be able to access, hold and use digital currencies, and we are seeing a demand from our customers to be able to create products that provide that access to consumers,” said Cui Sheffield, CEO of Visa crypto, he said.

Traditionally, if a customer chooses to use a Visa card to pay for coffee, the digital currency held in the cryptocurrency wallet must be converted into traditional money.

The cryptocurrency portfolio will deposit the traditional fiat currency in a bank account to be linked to Visa at the end of the day to settle all transactions, adding cost and complexity to the business.

The last step of Visa to use ethereum blockchain, eliminates the need to convert digital coins into traditional money in order for the transaction to be settled.

Visa says it has partnered with digital assets bank Anchorage and completed the first transaction this month – using to send USDC to Visa’s Ethereum address in Anchorage.

© Thomson Reuters 2021

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