The American Visa Credit Card Company announced that it will allow the use of the US cryptocurrency USDC - a stable currency whose value is directly linked to the US dollar - in settling transactions on its network of payments in the latest signs of accepting digital currencies in the global financial sector.
Visa told Reuters that it has launched an innovative payments system program with Crypto.com, a digital currency platform, and plans to roll it out with more partners later this year.
The price of Bitcoin, the most famous and most expensive cryptocurrency in the world, jumped after the announcement of the Visa company in the middle of this week by more than 6.5% to exceed 58 thousand dollars and is expected to exceed the record price it reached in the beginning of this March when it exceeded 61 thousand dollars.
The San Francisco-based Visa announcement came after several financial companies, including BNY Mellon Bank in New York, BlackRock and MasterCard, took steps to promote the use of cryptocurrencies for investment purposes and in credit card payments.
Tesla cars sold in Bitcoin
Elon Musk, president of Tesla, was the world's most expensive electric vehicle company by market value, recently announcing that customers would be allowed to buy his electric cars with Bitcoin in hopes of encouraging the daily use of digital currencies.
Coy Sheffield, head of the cryptocurrency department at Visa, said that there is a clear increase in customer demand from around the world to own and use digital currencies, and another request from various international companies to allow consumers to purchase their products with these cryptocurrencies.
Using digital currencies without converting them to cash
Although some customers have long used digital currencies in Visa credit cards on the Crypto Dot platform to pay for a coffee drink, for example, the current system requires converting these currencies in the cryptocurrency wallet into traditional money to be placed in a bank account and then transferred to a company. Visa to settle transactions, which adds costs and complications in this activity, but the new Visa system will allow the use of cryptocurrencies directly without the need to convert them into traditional cash to settle transactions.
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Jack Forstell, head of the products department at Visa, believes that the new system of payments in digital currencies helps in the efforts made to serve the financial technology companies - Fintech - and in cooperation with partners who want to reduce the complexities of cryptocurrencies to make it easier for customers and consumers.
The crypto space fan base is definitely increasing because businesses are starting to see the benefits in store and the fact that a lot of people are moving into it. Nice piece