Visa

Visa begins allowing cryptocurrency transactions

With the rise of the use of digital currencies, traditional financial services do not want to be left out, especially when they see the demand from users who want to pay directly with this type of currencies instead of conventional money for the use of products and services. everyday services on a day-to-day basis.

In this regard, after a few days of rumors about Visa’s intentions to enter the cryptocurrency segment, Visa is now making official the launch of a pilot program, in collaboration with Crypto.com, to enable transactions. on your payment network by using digital currencies.

Joining the cryptocurrency boom

For now, this pilot program is being developed through the Anchorage digital asset bank, the first cryptocurrency bank to launch in the United States, for which the first transaction was already completed this month.

From Visa they hope to be able to expand this payment option to other partners by the end of this year, thereby increasing that more and more people can make use of digital currencies in their usual payments.

In this sense, Visa has chosen USD Coin as the digital currency, since it is a stable cryptocurrency, whose value is directly linked to the US dollar.

According to Reuters, which collects the news exclusively, the move made now by Visa is not new in the sector, coming at a time when other financial services companies, such as BNY Mellon, BlackRock Inc and Mastercard Inc, have already made a Similar move in the past, adopting the use of some of the digital currencies.

According to the news agency, traditionally, when a user wants to pay for a coffee using a Crypto.com Visa card, they must first convert the money they have in the form of digital currency in their digital wallet into traditional money.

With this step, whereby Visa uses the ethereum blockchain, this last step is eliminated so that the user can carry out transactions with greater fluidity and less hassle.

For Cuy Sheffield, director of crypto at Visa:

We see a growing demand from consumers around the world to be able to access, maintain and use digital currencies and we are seeing demand from our customers to be able to build products that provide that access to consumers.

With this boom in digital currencies, we should not be surprised if our usual bank allows us to carry out transactions in cryptocurrencies in the future, being simply a matter of time before it arrives.