Visa Exploring Blockchain Technology for Payments

Visa is diving into the world of stablecoins, according to a recent presentation by the head of Visa’s crypto division at the Starkware Sessions 2023. The payment giant is testing the acceptance and payout of USDC settlement payments on Ethereum, focusing initially on larger payments. In addition, Visa plans to give its customers the ability to convert digital assets into fiat currency on its platform.

Visa is currently investing in the settlement of both cryptocurrency and fiat currency, building up muscle memory in one of the areas where it wants to grow. The company aims to provide a traditional way of exchanging digital assets for traditional dollars.

Visa is also exploring blockchain technology for its existing networks, although all settlements are still currently running through the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system. However, the limitations of SWIFT mean that Visa is experimenting with other technologies.

According to the CEO of Visa, Al Kelly, stablecoins and central bank digital currencies have the potential to play a significant role in the payment world, and the company is exploring ways to transfer the value currently living on traditional payment rails to blockchain technology. Sheffield is optimistic about the possibilities in this area, and Visa sees huge potential for growth.

In summary, Visa’s move into stablecoins and the exploration of blockchain technology for its existing networks could be a significant step forward in the payment world. The company’s focus on creating a traditional way to exchange digital assets for fiat currency shows a willingness to adapt to new technologies and provide solutions for customers. It will be exciting to see how Visa’s efforts in this area develop over the coming months and years