Brazil’s traditional banks are set to start offering cryptocurrency services thanks to global payments giant Visa.
Visa plans to integrate cryptocurrency solutions into traditional banking platforms in Brazil. According to Eduardo Abreu, the vice president of new business for the credit card giant Visa in Brazil, the project will be made possible through APIs developed by Visa. The APIs will then unite traditional banks with cryptographic products.
How will Users Benefit?
Visa’s integration of cryptocurrencies would allow clients to enjoy services such as direct investments in cryptocurrencies and ETFs within the bank with no intermediates.
Visa is also working on developing cryptocurrency cards, which users will connect to their bank accounts. Credit card giant Visa is in coalition with different national companies to make this possible. Although the estimated time of arrival is not yet confirmed, Visa is apparently in discussion with companies like Zro Bank, Alterbank, and Rippio.
Apart from crypto solutions, global payments giant Visa is also leveraging blockchain technology to enable payment settlement among companies using smart contracts. The project will be a B2B (business-to-business) oriented blockchain.
The smart contract project has already moved to the testing phase, according to Abreu. Visa is monitoring how the system works with some of their customers and will update on the developments later on. The B2 B-oriented blockchain will promote transparency in payments among providers and suppliers. Using this, all parties involved will be able to verify payments via the system seamlessly.
Crypto Payments to open up in Brazil
Visa’s integration of cryptocurrencies with Brazil’s traditional banks will likely open up crypto payments in Brazil. Basing on other activities on the card giant in Brazil, Bitcoin payment is about to spread.
Global payments giant Visa is about to start testing direct Bitcoin payments in Brazil for transactions that transfer Bitcoin directly to other accounts. Instead of the current system that uses an intermediary to transfer funds.
