The electronic payments giant, Visa, acknowledges that it has been working together with digital cryptocurrency and stablecoin platforms to integrate payment services with digital currencies into its global network.
Recently, the American multinational of financial services and electronic payments, View, issued a release where he acknowledges that he has been working on the development of a new service to integrate payments with cryptocurrencies, y stablecoins (stable coins) in its more than 61 million points worldwide. Visa indicates that the company is moving towards a new approach to integrating new payment services with digital currencies, as a way to bring greater value and innovation to the millions of users who use its services daily.
The company's efforts to integrate cryptocurrencies, such as Bitcoin, in its network payments are made with the support of Coinbase as a primary member of Visa and fold as an application that allows connecting new services with millions of users and clients. Visa also confirms that it has currently linked a total of 25 Wallets or digital wallets to their payment services, so that users of said wallets can use their cryptocurrencies using a Visa debit card or a prepaid credential easily and quickly in any business that accepts payments with this company .
On the other hand, Visa recognizes that the interest in integrating payments with cryptocurrencies and stablecoins to its service network is due to the incredible boom that cryptoassets are currently experiencing, thanks to the adoption of these assets by central banks. , financial institutions, companies and consumers.
It may interest you: Visa and Eidoo partner to launch new cryptocurrency debit card
Moving towards a new approach
In 2009, the launch of Bitcoin marked the beginning of a new technological era, introducing the concept of a true decentralized digital currency controlled solely by the user through proprietary techniques. asymmetric cryptography or public key. This cryptography allows the user to be the absolute owner of their own money if they maintain the private keys associated with said money under their power. However, over the years, several experts in this technology developed new implementations, such as stablecoins, which were born as an alternative to cryptocurrencies, eliminating price volatility but maintaining the security concept of digital currencies. along with the stability of fiat money.
This new concept of digital currency has been booming today as an innovation for payment systems, and is being rapidly adopted by businesses, companies, organizations, and even central banks around the world, as an alternative for innovation. and financial development. That is why Visa, being one of the largest and most important electronic payment providers worldwide, is adopting a new technological approach that allows it to modernize its payment services, focusing on the needs of its clients and users, in order to to offer and guarantee them a new concept of value.
In this sense, in its official statement Visa states that:
“We are reshaping how money moves around the world, and that means pursuing a wide range of technologies and partnerships. In that sense, 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.”
Exploring the science of blockchain technology
Globally, many regulators and politicians still consider the integration of digital assets into traditional financial systems to pose a major risk to economic stability. For this reason, Visa expresses that for several years it has been exploring and analyzing the potential of blockchain, and making investments in projects based on this technology to study various topics, ranging from consumer protection to the recovery of payments made. Likewise, the electronic payments giant affirms that thanks to these studies and analyzes they have made significant progress in their strategy to integrate digital currencies in a safe and reliable way.
“Last year we made an investment in Anchorage, a company that builds security infrastructure for the digital currency ecosystem, and our research team has been exploring the science of blockchain technology for several years.”
Likewise, Visa says that the work carried out in this area has produced several promising innovations, including Zether y FlyClient; further noting that his research is now focused on developing new mechanisms to improve scalability and enable offline digital currency transactions.
Developing strategies to foster understanding of digital currencies
Finally, Visa expresses in its statement that it is working on the development of new strategies that encourage dialogue for the understanding and acceptance of digital currencies, as part of an institutional commitment with large global organizations, regulators and politicians, including the World Economic Forum (WEF) and central banks working on developing a CBDC own.
The new services that the electronic payment giant will integrate into its network will be based on several fundamental principles, such as security, privacy, integrity and trust in the services, guaranteeing the protection of personal data and full compliance with regulations and laws. current in each region.
Without a doubt, this step is a significant advance that will allow many more people to have access to cryptocurrencies and digital currencies.
Continue reading: World Stablecoin Association (WSA), the global association for stablecoins established in Switzerland
