Visa is a multinational payments company that announced plans to offer cryptocurrency services on traditional Brazilian banking platforms. It also stated that it is in talks with several cryptocurrency companies in Brazil to bring cryptocurrency payment cards onto the market. The company hinted at possible integration of bitcoin into payments.

Visa Gears Up for Crypto Integration in Brazil

Credit card giant Visa announced plans to integrate cryptocurrency solutions in traditional banking platforms. Eduardo Abreu, Visa’s vice president of new business in Brazil, stated the company has plans to develop applications (APIs) to unite traditional banks with cryptographic products. This would allow you to invest in cryptocurrencies and ETFs directly from your bank’s platform without intermediaries.

Visa announced that it is working with several countries to issue cryptocurrency cards. Zro Bank and Alterbank are among them. These cards will be able to be connected to banks accounts. These developments could be effected within a few hours, but the Visa executive didn’t comment.

B2B Developers, Direct Bitcoin Payments and NFTs

Visa revealed that they are also working on a B2B (business-to-business) oriented blockchain that will allow payment settlement among companies using smart contracts. Abreu said that the system was in its testing phase with some customers and that they would make more announcements about it in the future. This system will improve transparency between suppliers and providers, and allow everyone to access the system to verify payments.

Visa stated that they will begin testing bitcoin payments directly in the country. Transactions will now allow for bitcoin to be transferred directly to other accounts. This is completely different from what happens with crypto cards where an intermediary must be established to exchange bitcoin for fiat currency on the fly.

Direct bitcoin payments will streamline the payment process and eliminate intermediaries. The CEO of Visa in Brazil, Abreu, stated that the company expects to implement this functionality in March. Abreu also stated that Brazil was considering a NFT initiative. Visa has already jumped onto the NFT bandwagon by purchasing a Cryptopunk, a digital avatar on the Ethereum network, for $165K in ether, in August.

What do you think about Visa combining crypto and traditional banking platforms in Brazil? Please leave your comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services in this article.

Read More