The company will allow USDC (USD Coin) cryptocurrency to settle payments on their network. The USDC’s value is directly linked with the US dollar which makes it a stable cryptocurrency among others.
Visa has a pilot program on its newly launched platform crypto.com for its partners and is working on providing more options as things progress. BNY Mellon, BlackRock, and MasterCard have already accepted some cryptocurrencies into their operations.
A few days ago, Elon Musk said that the customers can buy Tesla with Bitcoin. That announcement came as major breakthrough for the commercial use of cryptocurrencies in recent times.
“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” Cuy Sheffield, head of the crypto at Visa, said.
Visa Inc. will use the Ethereum blockchain where converting digital coins into traditional money (for transaction settlements) is not required.
In one of the recent podcasts, Visa CEO Al Kelly discussed their plans to allow buying cryptocurrencies using its credit card and they are working with cryptocurrency wallets to allow immediate conversion of cryptocurrency to fiat currency.
India is still unclear about its approach to own cryptocurrency and how to regulate other cryptocurrencies. Some news of the blanket ban on cryptocurrencies in India is making rounds the past few days while some believe that the finance ministry is working on the regulations.