- Visa plans to incorporate cryptocurrency solutions into traditional banks
- Visa disclosed that they are also working on B2B based blockchain.
- The transaction will allow Bitcoin to be transferred to other accounts directly
Visa, a credit card giant has announced that it plans to incorporate cryptocurrency solutions into traditional banking platforms. Accordingly, Visa’s vice president of new business in Brazil, Eduardo Abreu mentioned, the company has plans to develop applications (AIPs) to unite traditional banks with cryptographic products.
More so, in the same way, it would be possible to make investments in cryptocurrencies and ETFs within banking platforms with no intermediates. Also, Visa announced it is working with many national companies to provide cryptocurrency cards.
Furthermore, Zro Bank, Alterbank, and Rippio will enable users to connect these to bank accounts. The Visa executive did not comment on a possible ETA for these developments.
Henceforth, Visa disclosed that they are also working on B2B (business-to-business) based blockchain that will allow payment settlement among companies using smart contracts. And, the vice president, Abreu said, the system was already in the testing phase with some of their customers. And in the future, the company will make more announcements regarding this.
Additionally, Visa stated, they will begin testing direct bitcoin payments in the country. The transaction will allow Bitcoin to transferred to other accounts directly. This is different in comparison with crypto cards. Where there has to be an intermediary that exchanges bitcoin for fiat money on the fly.
Eventually, the bitcoin payments will facilitate the payment process and eliminate these intermediaries. In March, the CEO of Visa in Brazil stated it expects to execute this plan sometime this year. In August Visa has already jumped onto the NFT bandwagon by purchasing a Cryptopunk, a digital avatar on the Ethereum network, for $165k in Ether.
