Visa is planning to bring cryptocurrency services to traditional banks in Brazil.

The multinational payment giant has announced it is planning to bring cryptocurrency services to traditional banking platforms in Brazil.

Multinational payment giant Visa has announced its plans to integrate cryptocurrency solutions into traditional banking platforms. Eduardo Abreu, Visa’s vice president of new business in Brazil, stated the company has plans to develop applications (APIs) to unite traditional banks with cryptographic products. In this way, it would be possible to make investments in cryptocurrencies and ETFs within banking platforms with no intermediates. The company also announced that it is working with several crypto firms in the country to bring crypto payment cards to the market.

 

Visa revealed that they are also working on a B2B oriented blockchain. 

Visa revealed that they are also working on a B2B (business-to-business) oriented blockchain to allow payment settlement among companies using smart contracts. Abreu stated that the system was already in testing phases with some of their customers and that the company would have more announcements in this regard in the future. This system would enhance transparency in payments among providers and suppliers, allowing everyone with access to the system to verify payments and deposits.

 

Visa will start testing direct bitcoin payments in Brazil. 

Visa also stated they would start testing direct bitcoin payments in the country. This means that transactions will allow bitcoin to be transferred to other accounts directly. This is completely different than what happens now with most crypto cards, where there has to be an intermediary that exchanges bitcoin for fiat money on the fly. The inclusion of direct bitcoin payments will facilitate the payment process and eliminate these intermediaries. Earlier this year, the CEO of Visa in Brazil stated it expects to implement this functionality sometime this year. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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