Visa has just announced the launch of a new program allowing cryptocurrency transactions through its services. For now, only USDC is accepted, a stablecoin whose value is indexed to the rate of the US dollar.
The cryptocurrency fever continues to sweep the world. After companies like Tesla and even some more traditional banking institutions, now they are interfering in the consumer banking sector, at Visa. Earlier this week, MasterCard’s major competitor announced the launch of a new program, in partnership with several platforms such as Crypto.com, CoinBase or BlockFi, in order to authorize cryptocurrency transactions. For now, only one of them will be available, the USD Coin – USDC – which is none other than a cryptocurrency whose value is indexed to the dollar rate, otherwise known as « stablecoin » due to its high stability. Only American users of Visa’s services will be able to take advantage of it initially.
The launch of this novelty responds, according to Cuy Sheffield, mapping manager at Visa to Reuters, at “Growing demand from consumers around the world to be able to access, hold and use digital currencies”. By doing this, Visa manages to get one head ahead of its main competitor, MasterCard, which also announced the arrival of cryptocurrencies last February but still has not implemented it.
PayPal is also in the race. In the fall of 2020, the firm announced the development of a service for buying, selling and sending cryptocurrencies. The advantage is that the platform will offer many digital currencies, such as Bitcoin, and not just stablecoins. It was also on the occasion of this PayPal announcement that the price of Bitcoin had started to soar, before Elon Musk added his two cents. Otherwise, Tesla recently implemented their Bitcoin payment system on their site, which is only available in the US at the moment.