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.
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