Last Updated on July 29, 2020 by Ope Quadri
A global payment technology firm Visa has announced that it is working to integrate its 61 million merchants into digital currency platforms.
InfomediaNG gathered that VISA has already approached two licensed and regulated digital currency platforms, Coinbase and Fold to make the integration a reality.
Why is VISA adopting digital currency?
Visa said in a blog post that the emergence of fiat-backed digital currencies or stablecoins promises a new payment innovation that combines the benefits of digital currencies with the “stability” of existing currencies like the US dollar.
“We’re reshaping how money moves across the globe, and that means pursuing a broad array of technologies and partnerships.
“In that regard, digital currencies offer an exciting avenue for us to continue doing what we do best: expanding our network-of-networks to support new forms of commerce.”
It says it aims to deliver value to people, businesses and economies regardless of currency channel.
Consumers and businesses are also adopting digital currencies while reports suggest that stablecoin circulation is growing rapidly.
Speaking further, VISA pointed out that “more than 25 digital currency wallets have linked their services to Visa,” giving users an easy way to spend from their digital currency balance using a Visa debit or prepaid credential.
These digital currency wallets are looking to “use the full range of Visa’s capabilities,” including Visa Direct, an option that makes it “faster and easier for consumers to convert digital currency and push those funds to their Visa credentials in real-time.”
Through Visa’s FastTrack program, the global payment company has become the preferred network for digital currency wallets, which are eager to deepen their value to users by making it quicker and easier to spend digital currency worldwide.