HomeNewsVisa to accept Bitcoin and altcoins for payments and as value store in Brazil
Visa to accept Bitcoin and altcoins for payments and as value store in Brazil

Visa to accept Bitcoin and altcoins for payments and as value store in Brazil

Last updated 24th Jun 2022

Eduardo Abreu, vice president of new business at Visa, shared plans to integrate Bitcoin and other crypto assets onto its platform as a means of payment and as a store of value, Coin Telegraph reports, citing a recent interview with local Brazilian news outlet Seu Dinheiro.

API and tokenized payments to bridge crypto-fiat gap

In the spring of this year Fernando Teles, Visa’s CEO of Brazil, introduced the concepts of adopting API and tokenized payments as a way of bridging the gap between digital assets and traditional financial institutions. Abreu is building on the concepts. He believes the road to adoption will invoice integrating conventional financial activity within the cryptocurrency ecosystem so that users can transact with crypto and fiat within the same environment.

The VP of new business at the financial giant also suggested customers might start receiving cashback in crypto:

“The great advantage of adopting Bitcoin is, without a doubt, its ease. Without needing to exchange a fiat currency, there is an optimization of exchanges when using Bitcoin. Brazilians already have the culture of receiving card points, miles, discounts, etc. Why not receive cryptocurrencies with their credit card as well?”

A supporter of the fusion of traditional and modern finance

The credit card corporation has traditionally pioneered developments in the cryptocurrency space. Last month, they paid $150,000 for a CryptoPunk nonfungible token avatar (50 Ether at the time). With almost 200 currencies already on its platform, Visa will try to leverage its established fintech relationships with Zro, Ripio, Alterbank, and other national banks to maximize adoption in the region. It will also levy its formidable, 170 million strong global customer base.

Direct integration of BTC payments?

Visa is working with a number of local cryptocurrency companies to bring crypto payment cards to the market, suggesting it was possible to integrate bitcoin payments directly. They believe investing in cryptocurrencies and ETFs within banking platforms without middlemen will be possible. Visa is also working on a B2B oriented blockchain that will enable companies to pay each other via smart contracts.

System in testing phase

According to Abreu, the system is being tested with some of their customers. It will enhance transparency in payments between clients and suppliers, making it possible for anyone to verify payments and deposits. The launch of this service is expected by the end of the year.

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.