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Visa, a global payment solutions leader, is taking steps to modernize cross-border money transfers. The company is expanding its use of stablecoins and integrating the Solana blockchain.

This initiative involves collaboration with major merchant acquirers, Worldpay and Nuvei, and aims to transform financial transaction processing.

Visa has already conducted successful live pilots, allowing the seamless transfer of millions of USDC tokens across the Solana and Ethereum blockchains to settle fiat-based payments. These developments reflect Visa’s commitment to using blockchain to improve global payment efficiency.

Visa’s payment system involves intricate fund movements between the customer’s bank (issuer) and the merchant’s bank (acquirer). Visa’s treasury and settlement systems facilitate these fund transfers among nearly 15,000 financial institutions worldwide in over 25 currencies.

Visa’s Crypto Head’s Statement

Cuy Sheffield, Visa’s Head of Crypto, emphasized the company’s dedication to embracing digital currency and blockchain innovation. He explained that by leveraging stablecoins like USDC and blockchain networks like Solana and Ethereum, Visa aims to enhance cross-border settlement speed and offer modern fund transfer options.

Benefits of Solana Integration

The integration with the Solana blockchain is expected to provide faster and cost-effective settlement solutions. Solana boasts quick block times, high transaction throughput, and Visa’s move positions it as a leader in improving global cross-border payments for both consumers and businesses. This initiative showcases Visa’s commitment to industry innovation.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptoNews #cryptomarket #Visa #Solana #Stablecoin

Visa has partnered with a blockchain company to introduce a new service that allows users to convert cryptocurrencies into traditional fiat currencies directly through their debit cards using the Visa Direct Solution.
A new feature from Visa aims to facilitate easier adoption and use of cryptocurrencies. In collaboration with Transak, a company specializing in blockchain payment infrastructure (such as the Millionero exchange), Visa brings simplification to the process of converting cryptocurrencies into fiat currencies through its Visa Direct Solution Network.
This service enables users to transfer cryptocurrencies from their digital wallets directly to a Visa card and then use it to pay at merchants worldwide that accept Visa. With Visa's global reach, this new feature offers benefits to a wide range of users involved in the world of payments and cryptocurrencies.
Yanilsa Gonzalez-Ore, Chief of the North American division of Visa Direct, emphasized the importance of this innovation, saying, "Through Transak and the ability to perform real-time card withdrawals via Visa Direct, we provide our customers with faster, simpler, and more interconnected experiences, facilitating the conversion of cryptocurrencies into fiat currencies. The ability to seamlessly withdraw cryptocurrencies to Visa cards represents a significant step forward in broader cryptocurrency adoption."
Visa has previously supported the development and adoption of cryptocurrencies. In 2023, it participated in the pilot testing of a digital currency in Hong Kong, a significant milestone in public support for central bank digital currencies on an international scale.
Additionally, Visa has discussed possible collaborations with cryptocurrency exchanges and other entities to facilitate payments. The company actively highlights the potential of cryptocurrencies in the context of global payment operations.
Visa has also expressed support for stablecoins and collaborated with Solana in 2023 to implement USDC payments on its platform.
#Visa #cryptocurrency

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