A new cryptocurrency step has come from VISA, which is seen as the world’s largest payment network. The company, which made a name for itself with the CryptoPunks NFT it received in the past days, announced that it is working to provide crypto money services to the systems of traditional banking institutions in Brazil, the giant country of South America.
Next step is Bitcoin payment integration
According to the news of Seu Dinheiro from the Brazilian press; VISA officials stated that they are working with many crypto-focused companies in the country to produce market crypto money cards. Authorities also said that the next step is a direct integration with Bitcoin payments. While it is reported that Bitcoin payments will start to be tested in a short time in Brazil, studies are being carried out to send Bitcoins directly to the accounts without any intermediaries. This also eliminates the process of converting crypto money to fiat money, which is found in other crypto cards. So the tool disappears.
Eduardo Abreu, new business models manager in the Brazilian arm of VISA, also stated that the company has developed APIs on the subject, so that it can be invested in cryptocurrencies or ETFs directly with a banking application, eliminating intermediaries.
Cryptocurrency cards target in Brazil…
In addition to all these, VISA continues to work with 3 banks, Zro Bank, Alterbank and Rippio, to issue crypto money cards. It is aimed to link the customer accounts of these banks directly to companies that receive crypto money services. However, no date has been given for when this development will be completed.
Intercompany blockchain system for error-free payment
Visa is also developing an inter-company blockchain system, which will enable companies to make payments using smart contracts, increase transparency between suppliers and manufacturers, and ultimately verify payments and deposits. Abreu also said that the system is currently in the testing phase with some customers and VISA will make further announcements about it in the future.
Crypto adoption is on the rise
South America and Africa are the regions with the most cryptocurrency adoption. Especially in Latin American countries, the rate of adoption is very high. Visa manager Abreu also stated that they want to close the gap between cryptocurrencies and the existing banking system and mentioned the importance of the point earning system and used the following statements:
“Brazilians have a habit of earning points, miles and discounts as they spend. People attach great importance to such awards. Why not earn cryptocurrency by spending with your credit card?”
Asked about the purchase of CryptoPunks NFT, Abreu said, “For Brazil, Visa also has a separate NFT project.”
As it is known, in Brazil, which has constantly taken positive steps in the field of cryptocurrencies, first Bitcoin and then an Ethereum ETF were approved in the past months.
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