Visa Now Allows Payment Settlements Using Cryptocurrency

The credit card giant is now the latest to accept cryptocurrency as a form of payment

The increasing popularity of Bitcoin and other cryptocurrencies has become inevitable. Giant companies like PayPal, Mastercard, and recently Tesla have accepted cryptocurrencies as a form of payment. With Visa also jumping aboard the crypto train and announces it will allow the use of cryptocurrency as a form of payment. Transactions on the Visa network will be settled via a cryptocurrency stablecoin of USD Coin (USDC).

“We see an 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 crypto at Visa.

Stablecoins

USDC is a stablecoin co-founded by Circle and Coinbase and it’s pegged to the United States dollar. It also runs on the Ethereum network. As the name suggests, USDC is a cryptocurrency that follows the value of USD. So, one USDC is always worth one USD — hence the name stablecoin. Now, there are many types of stablecoins that have been circulating in the market, such as; Tether (USDT), DAI, Binance USD (BUSD), and many more. So, if you’re the type of investor who is not into the volatile Bitcoin price, investing in stablecoins can be a solution.

From all the cryptocurrencies and stablecoins, why USDC?

“USDC was the first fiat-backed stablecoin that met Visa’s standards” said Cuy Sheffield. And we were comfortable supporting our settlement platform. We also plan to support other digital currencies in the future, including central bank digital currencies (CBDC).

Swipe Visa: Pay using cryptos with a single swipe

In October 2020, Swipe and Visa team up and launches a debit card called Swipe Visa. Swipe Visa offers simplicity in payments using cryptocurrencies for its users. There are four levels of Swipe Visa debit cards to choose from; Saffron, Sky, Steel, and Slate. CEO of Swipe, Joselito Lizarondo says that Swipe visa debit card allows crypto assets to be accessed by millions of users around the world by expanding its services to include the Asian region.

An illustration of a debit Swipe Visa card. Source: CryptoVantage.com

With Visa’s announcement of accepting cryptocurrency as a form of payment, Visa becomes the first major payments network to settle transactions in USD Coin (USDC). Therefore, it is expected to encourage the mass of using cryptocurrencies as a form of payment in the future.

NOBI provides the best stablecoins on the market, such as; Tether (USDT), USDC Coin (USDC), DAI and many more to come in the near future.

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