Visa will start using cryptocurrency for transactions

After Mastercard, Visa decided to start using cryptocurrency for payments.

Visa said it would allow the USD Coin (USDC) stablecoin to be used for transactions. The payment system has launched a pilot project in conjunction with the Crypto.com cryptocurrency platform and plans to offer the opportunity to conduct transactions with this cryptocurrency to partners at the end of 2021, the press service said.

As a reminder, USD Coin (USDC) is a cryptocurrency whose value is directly pegged to the US dollar.

Visa successfully completed the first settlement transaction: the company sent USDC to Visa’s Ethereum address in the Anchorage cryptobank.

For other transactions, the company explained, a similar algorithm will be carried out: when paying with a cryptocurrency card, the digital currency is converted into “ordinary” fiat money. The crypto wallet will be able to deposit them to the connected bank account.

Supporting digital currencies as a new type of settlement currency marks an important step for Visa’s network strategy, the company notes.

Author: Steve Cowan
Graduated From Princeton University. He has been at the Free Press since October 2014. Previously worked as a regional entertainment editor.
Function: Chief-Editor
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