Visa plans to enter the world of cryptocurrencies: it will allow to pay in Bitcoin to any system that uses its network
The cryptocurrency fever is on one of its highest points in these last weeks. With Bitcoin through the roof, large companies like Tesla investing in him or the rise of NFTs… traditional payment systems do not want to be left behind. That is why Visa says it is preparing to be compatible with Bitcoin, throughout your payment network.
As indicated by the CEO of the company on Fortune’s Leadership Next podcast, the payments giant is working on ways to use Bitcoin to pay using a Visa card or device. In fact, In addition to allowing to pay with Bitcoin, they also look for ways to buy Bitcoin with a Visa card.
The first step seems to be allowing the purchase of Bitcoin with a Visa system. This would mean convert euros or dollars for example into Bitcoin according to the value it has at all times. There are currently ways and means to do this comfortably, with Coinbase as one of the clearest and simplest examples.
On the other hand, they hope that in the future they can make instant conversion from bitcoin to fiat currency. That is, from the Bitcoin wallet implemented by Visa, a user can, for example, buy a coffee that is sold in euros in a restaurant. At the time of payment, a conversion from Bitcoin to Euro will be made and the seller will be paid in euros.
If the latter is achieved and implemented, Visa would automatically allow pay in Bitcoin at some 70 million points of sale globally. It is the number of merchants worldwide that Visa claims to have using its payment system.
Boarding the cryptocurrency train
Visa’s entry into the world of cryptocurrencies was seen to come from before. Previously, the CEO of the company also stated that they were looking for ways to help make the use of cryptocurrencies more secure and useful (aka using their payment system). Now the compatibility and support for digital currencies seems to be closer and closer. Yes indeed, they have not specified any specific date.
Mastercard, its biggest rival, too recently announced entry into the world of cryptocurrencies. The two payment systems will actually do something similar a PayPal, which although it is not a direct competitor, also seeks to offer fabilities to buy, transfer and sell using cryptocurrencies.
If we go to something more traditional still, different financial entities They have already warned that they want to bet or are betting on Bitcoin and other cryptocurrencies. We have JP Morgan, Deutsche Bank, Citibank and even to BBVA wanting to play in this new financial universe.
Via | Fortune