Visa allows customers to pay with cryptocurrency

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2021-03-30 16:05:37

Recently, payment service provider Visa said the company will allow the use of the electronic currency USD Coin for transactions on its payment network. This is the latest sign that the financial industry is increasingly actively accepting cryptocurrencies.

Visa has launched a pilot program with cryptocurrency and payment platform Crypto.com. Additionally, the company plans to offer cryptocurrency payment options to more partners later this year.

USD Coin (USDC) is a stablecoin, which is anchored directly to the USD.

Visa’s move comes as major financial firms including BNY Mellon, BlackRock and Mastercard have accepted payments in a number of cryptocurrencies. This sparked speculation that cryptocurrencies would become a significant part of the portfolio.

Last week, Tesla CEO Elon Musk said that customers can buy its electric cars with Bitcoin. This announcement also marked a significant step forward for cryptocurrencies in the commercial sector.

“We see an increasing need for digital access from consumers around the world. They want to hold and use digital currencies,” said Cuy Sheffield, head of crypto at Visa. We embrace customer needs so that we can build products that help them reach them. “

Normally, if a customer uses a Visa Crypto.com card to pay for coffee, the digital currency in the e-wallet needs to be converted to traditional money. E-wallet will deposit fiat money into 1 bank account. Then, the money is transferred to Visa to process the transactions. However, this process will increase costs and complexity for businesses.

Visa’s latest plan will use Ethereum’s blockchain, which eliminates the conversion of digital currencies into traditional money. Visa says it has partnered with digital asset bank – Anchorage, and completes its first transaction this month.

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