Visa will start making payments in cryptocurrency

News

Visa will start making payments in cryptocurrency

31.03.2021 News

The Visa payment system will allow the use of the USD Coin stablecoin for settlements in its network, the company said in a press release. The payment system has launched a pilot project in conjunction with the cryptocurrency platform Crypto.com and plans to offer the opportunity to conduct transactions with this cryptocurrency to partners in late 2021, the report said.

“We see growing demand from consumers around the world for access to, storage and use of digital currencies, and we see demand from our customers for the production of goods that provide such access to consumers,” said Visa cryptocurrency chief Kui Sheffield.

USD Coin (USDC) – a digital coin pegged to the US dollar in a ratio of 1 to 1. Such digital money pegged to the real currency is called stablecoins.

Major financial companies, including Bank of New York Mellon, BlackRock and Mastercard, have already announced plans to introduce payment transactions with some digital currencies, writes Reuters. This raises expectations that cryptocurrencies will become a permanent part of investment portfolios, the agency said.

Earlier, Bloomberg reported on Visa’s plans to issue a crypto card that will give owners the opportunity to receive a reward for buying bitcoins instead of bonus miles or money. The company planned to issue the card in cooperation with the cryptocurrency startup BlockFi. According to the agency, the launch of the project is scheduled for spring 2021.

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