The leading financial firms and payment solution providers of the world now realize the importance of Bitcoin and other cryptocurrencies like ERC-20 USDC as the potential changemaker.
As the world fast transitions to digital ecosystems, many mainstream payments companies are joining the crypto bandwagon, the latest being Visa, which will now enable USDC cryptocurrency payments through its network across 60 million merchants.
Visa USDC Card for Businesses
Visa announced support for the USDC stablecoin from Circle on its global payments network that spreads across a large number of countries in the world and is the most accepted payment solution globally.
Visa would partner with the Circle Internet Financials to allow USDC cryptocurrency, an ERC-20 stablecoin on its network, allowing the Visa Credit card providers to facilitate fast internet-based crypto payments using the USDC software. With the Visa credit card, the 60 Million merchants across Visa’s global network will have access to the popular cryptocurrency pegged against US dollars facilitating a wider platform to the crypto stablecoin.
The Visa USDC payments would kickoff within the Visa Fintech Fast Track Program in which the company would select certain credit card issuers with help of Circle that would be able to embed USDC payments solutions. The integration allows the merchants to make cross-border payments pegged on USDC.
Coy Sheffield, the Crypto Head at Visa, noted in a statement given to Forbes that the card would be a first of its kind corporate card allowing businesses to spend the balance USDC, significantly enhancing the utility of Circle stablecoin for its corporate clients.
The users would be able to utilize the funds converted to national currency at any place where a Visa card is accepted.
Visa would issue a credit card to the businesses to allow fast transfers in USDC,
With several cryptocurrency partnerships, Visa now supports 25 cryptocurrency wallet providers that can facilitate the USDC integration as part of the program.
Most recently, BlockFi announced launching Bitcoin rewards for Visa starting next year; the company will also be able to facilitate USDC in early 2021. As the Ethereum platform gains mainstream adoption and since USDC works the Decentralized protocol, the massive number of Visa transactions which are otherwise done through checks and instant wire transfers can be done almost freely if merchants choose crypto based transfers.
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