Visa, the worldwide payments company, announced plans to integrate bitcoin services into Brazil’s traditional banking infrastructure.
Additionally, the business revealed that it is collaborating with numerous cryptocurrency companies in the country to bring cryptocurrency payment cards to market, hinting at the possibility of direct bitcoin integration into payments.
Visa, the world’s largest credit card company, has declared its intention to integrate cryptocurrency solutions into traditional banking channels. Visa’s vice president of new business in Brazil, Eduardo Abreu, claimed that the corporation intends to develop apps (APIs) that will connect traditional banks with cryptographic goods. This would enable direct investment in cryptocurrencies and exchange-traded funds (ETFs) within banking networks.
Additionally, Visa said that it is collaborating with numerous domestic companies to issue cryptocurrency cards. Zro Bank, Alterbank, and Rippio are among those that will allow users to connect their accounts to their bank accounts. Visa’s leadership did not provide an ETA for these developments.
B2B Developments, Direct Bitcoin Payments, and Non-Financial Transactions
Visa also stated that they are developing a B2B (business-to-business) blockchain that will enable payment settlement between businesses through the use of smart contracts. Abreu added that the system was already in beta testing with a few of the company’s customers and that the company would make additional announcements in the future. This solution would increase payment transparency between providers and suppliers by providing anybody with system access to check payments and deposits.
Additionally, Visa announced that they will begin testing direct bitcoin payments in the country. This means that transactions will enable the direct transfer of bitcoin to other accounts. This is in stark contrast to the current state of most crypto cards, which require an intermediary to convert bitcoin to fiat money on the fly.
Direct bitcoin transfers will streamline the payment process and eliminate the need for these intermediaries. Visa’s CEO in Brazil announced in March that the company hopes to introduce this capability this year. Abreu added that Brazil was also considering an NFT project. Visa hopped on the NFT bandwagon in August, when it purchased a Cryptopunk, a digital avatar on the Ethereum network, for $165K in ether.
Also Read: Panama Congressman Introduces A Crypto Law Project
Wallets