Visa, a financial technology company and one of the largest payment processing operators, has announced the launch of an international cryptocurrency advisory service for its clients, including banks and merchants. The move comes as the acceptance of crypto and digital currencies is gaining momentum and the subsequent rise in demand for crypto services.
Visa’s crypto services offering will focus on financial institutions that want to retain and attract customers with their cryptocurrency offerings. It will also focus on central banks that are exploring cryptocurrency and retailers who want to delve into NFTs (non-fungible tokens).
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Uma Wilson, Executive Vice President of UMB Bank (a US regional lender), said they have reached out to Visa to learn more about cryptocurrencies and stablecoins, and use cases that will be relevant to UMB’s retail and commercial businesses.
Currently, Visa uses its network to enable the buying, selling and keeping of digital currencies. In addition, it offers a credit card that allows its users to earn Bitcoin when making purchases, and also allows the use of USD Coin, a stable cryptocurrency, the value of which is directly linked to the US dollar, to settle transactions on its payment network. . Bitcoin price in India stopped at Rs. 40.68 lakh (as of 12:30 pm on December 8)
Visa chief financial officer Vasant Prabhu told Reuters, “For cryptocurrencies, such as Bitcoin, to be used as a medium of exchange, price stability is sorely needed.
If cryptocurrency prices fluctuate from $60,000 to $50,000 in a few hours, it will be very difficult for traders to accept cryptocurrencies like Bitcoin as currency,” Prabhu added. “I don’t know if cryptocurrencies like Bitcoin will become a medium of exchange. Stablecoins will work. “
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Visa is an internationally recognized and recognized financial technology company whose services include allowing its customers to use a payment processor network for their digital offerings, educating financial institutions (and others) about cryptocurrencies, and helping manage back-end operations.
Visa, the global leader in financial technology payments, provides reliable and secure payment solutions worldwide via VisaNet, capable of handling more than 65,000 transactions in a single second.
Earlier in December 2021, Visa announced that it had successfully completed the acquisition of Currencycloud – an international platform that allows financial technology and banks to offer leading foreign exchange tools and solutions for cross-border payments.
The deal will enable the two companies and their customers as well as partners to provide greater transparency, control and flexibility to consumers as well as businesses when making cross-border payments and when doing business in multiple currencies.
Currencycloud’s cloud-based platform is already capable of supporting more than 500 banking and technology clients. It also has an outreach in more than 180 countries and aims to continue serving its customers and partners across the industry.
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