Visa reportedly allows cryptocurrency as a payment option on its network to balance transaction — just as Bitcoin gradually explore global acceptance. Visa intends to utilize a different digital currency, USD Coin (USDC), to flagship its services in the FinTech sector on Monday.
The USDC is a lucrative currency; while it is regarded as a stable coin according to its market value, the value of fiat money, Dollar, is equivalent to USD Coin’s value.
Visa initiated a pilot program with crypto.com — a payment platform that exclusively processes the transaction on digital currencies. To expand its horizon in facilitating further electronic fund transfers, Visa reportedly intends to make the stable coin cryptocurrency optional extensive to its partners in the future.
Among other different types of cryptocurrency, Bitcoin remains the flagship digital currency, which has encouraged other prominent investors to inject a handsome amount of funds in acquiring its digital asset.
Bitcoin hits higher mainstream compared to Visa’s USD Coin. Still, the financial services corporation made a lucrative choice to utilize digital money equivalent to fiat money.
Just as Bitcoin continues to bloom, other minority cryptocurrencies such as Ethereum, Ripple, and USD Coin will also move at the flagship cryptocurrency pace. Although each cryptocurrency autonomously grows in the trading market.
Meanwhile, experts strongly believe that Elon Musk’s cryptocurrency campaign on his social media instigates this significant shift towards accessing digital money to replace fiat money (even for investments). The Technoking of Tesla recently allowed cryptocurrency as a payment option to purchase its electric vehicles.
“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies,” according to Cuy Sheffield, heading Visa’s crypto division. We’re seeing demand from our clients to be able to build products that provide that access for consumers.”
For contrast, you can remotely pay for a box of pizza with a Visa card — its payment network is tied with crypto.com. They make the conversion of cryptocurrencies into fiat money easy.
The crypto wallet will deposit a certain amount of money into a bank account equivalent to the fiat money issued by crypto.com. The funds get wired back to Visa at the end of each business day to make every transaction have a balanced record.
In line with the electronic payment company’s latest involvement in cryptocurrencies and exchanging cryptocurrencies into fiat money to balance every transaction — Visa’s Ethereum Blockchain is the latest feature that processes such command in a click.
Visa reportedly consorted with Anchorage, a digital asset investment bank, to test run the payment program they initiated with crypto.com.
Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.
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