Visa Inc to accept cryptocurrency payment settlements for transactions

The world’s biggest payments company,Visa Inc announced to start accepting and processing Cryptocurrency USD Coins whose value is pegged directly to the U.S. dollar in  its network.

The cryptocurrency wallet will deposit traditional fiat currency in a bank account, to be wired to Visa at the end of the day to settle any transactions, adding cost and complexity for businesses.

USD Coin is a so-called “stablecoin,” meaning a cryptocurrency pegged to a more traditional financial asset.Visa’s standard settlement process requires partners to settle in a traditional fiat currency, which can add cost and complexity for businesses built with digital currencies.

Visa Inc joined other financial firms like Mastercard, BNY Mellon and BlackRock Inc that have started accepting cryptocurrency payment. This process will help digital currency held in a cryptocurrency wallet which needs to be converted into traditional money.

Visa’s latest step come into play after Elon Musk said last week that customers can buy its electric vehicles with bitcoin, marking a significant step forward for the cryptocurrency’s use in commerce.

Advertisements

How does this work?

1.The cryptocurrency wallet will deposit traditional fiat currency in a bank account

2. It will be wired to Visa at the end of the day to settle any transactions, adding cost and complexity for businesses.

3. strips out the need to convert digital coins into traditional money in order for the transaction to be settled.

4. Customer can chooses to use a Crypto.com Visa card to pay when shopping , the digital currency held in a cryptocurrency wallet needs to be converted into traditional money

,

About Admin

Advertisement, Content marketing and  sponsored post: contact : Kokobest04@gmail.com
View all posts by Admin →