Visa says it is working to integrate digital currencies with its existing global network of 61 million merchants.The global payments technology giant is working with two licensed and regulated digital currency platforms, Coinbase and Fold.
In a blog
post, Visa says the emergence of fiat-backed digital currencies or
stablecoins promises a new payment innovation that combines the benefits
of digital currencies with the “stability” of existing currencies like
the US dollar.
Explaining the company’s focus on delivering value
to people, businesses and economies regardless of currency channel, Visa
says:
We’re reshaping how money moves across the
globe, and that means pursuing a broad array of technologies and
partnerships. In that regard, digital currencies offer an exciting
avenue for us to continue doing what we do best: expanding our
network-of-networks to support new forms of commerce.
The
company asserts that the concept of stablecoins has “gained traction
beyond fintechs” and now “includes financial institutions and central
banks.” Consumers and businesses are also adopting digital currencies
while reports suggest that stablecoin circulation is growing rapidly.
Latest estimates put total supply at $12 billion.
In
the meantime, the payment company also reveals that already “more than
25 digital currency wallets have linked their services to Visa,” giving
users an easy way to spend from their digital currency balance using a
Visa debit or prepaid credential — anywhere Visa is accepted.
These
digital currency wallets are looking to “use the full range of Visa’s
capabilities,” including Visa Direct, an option that makes it “faster
and easier for consumers to convert digital currency and push those
funds to their Visa credentials in real-time.”
Visa explains that much of this work is happening through Visa’s FastTrack program, which helps fintechs to integrate quickly with Visa’s global network.
Through
these efforts, Visa has become the preferred network for digital
currency wallets, which are eager to deepen their value to users by
making it quicker and easier to spend digital currency worldwide.
While
noting ongoing regulators’ concerns regarding digital currencies, Visa
says it believes “the best way to address these concerns is by working
closely with leading companies and the public sector.”
The
payments giant points to its experience and success which it says are
down to continuous investment on “building and maintaining a resilient
global network.”
Integrating with emerging innovations like privately issued digital currencies ensures this legacy is maintained Visa adds.
In 2019, Visa invested
Anchorage, a company building security infrastructure for the digital
currency ecosystem while a research team explored the science of
blockchain technology for several years.
The research team has since had several promising innovations, including Zether and Flyclient and now their research is focused on new mechanisms to improve scalability and enable offline digital currency transactions.
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source link : https://news.bitcoin.com/visa-moving-to-integrate-with-digital-currency-platforms/
