Visa takes a step forward in the world of cryptocurrencies: the payment giant prepares its payment network to support bitcoin
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The rise of cryptocurrencies is unstoppable and not to gain followers like the company Tesla and some detractors like Bill Gates. Be that as it may, in the face of this new situation that seems to be making its way, traditional payment systems do not want to be left behind. Now the giant Visa says it is preparing to be compatible with Bitcoin throughout its payment network.
Alfred Jelly Jr, CEO of the company, has explained that they are working on ways to use Bitcoin to pay using a Visa card or device, as the executive explained on Fortune’s Leadership Next podcast, which reports Xataka.
The payments giant is also reportedly looking for new ways to buy bitcoin with a Visa card. However, the first step would be to allow the purchase of Bitcoin with a Visa system. This would mean converting euros or dollars, for example, into Bitcoin, depending on its value at any given time. The latter could be helped by Coinbase.
Why exactly Tesla has bought bitcoins and how risky the operation really is.
On the other hand, it is hoped to make possible an instant conversion of Bitcoin to a fiat currency. In other words, from the bitcoin wallet implemented by Visa, a user can buy in any physical store and at the time of payment a conversion of the coins is made and the seller is paid in euros.
Visa’s announcement to enter the cryptocurrencies, although it does not catch anyone by surprise if it lays the foundations of a more or less clear commitment by the company, to which compatibility and support for digital currencies would have helped significantly. However, no specific date has been specified.
This push could also be due to the recent announcement by Mastercard, its direct rival, to enter the world of cryptocurrencies. In fact, the company announced in a statement that it will integrate some of them into its network and allow payments to be made with them without the need to exchange them for a regular currency.
These moves by Mastercard, and now also by Visa, follow the example of other companies in the world of payments, such as Square or Paypal, whose support at the end of 2020 was decisive in the rise in the price of the best-known cryptocurrency, bitcoin.
If we look at the more traditional sector, different financial institutions have already warned that they want to bet or are betting on bitcoin and other cryptocurrencies. This is the example of JP Morgan, Deutsche Bank, Citibank, and even BBVA, which seek not to be left behind in the new financial universe that seems to be making its way.
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