Visa plans to bring cryptocurrency services to traditional banks in Brazil - Bitcoin News

Visa, the multinational payment giant, has announced that cryptocurrency services can be brought to traditional bank platforms in Brazil. The company also announced that it is working with several cryptocurrency companies in the country to bring cryptocurrency payment cards onto the market and indicated that Bitcoin has been integrated in payments.

Visa is preparing for the crypto integration in Brazil

The credit card giant Visa has announced that it can integrate cryptocurrency solutions into traditional banking platforms. Eduardo Abreu, Vice President for Visa in Brazil, specified Planting the company to develop applications (APIs) to combine traditional banks with cryptographic products. In this way it would be possible to invest in bank platforms without intermediate products in cryptocurrencies and ETFs.

VISA also announced that it would work with several national companies to issue cryptocurrency cards. This includes Zro Bank, Alterbank and Rippio, which enable users to connect them to bank accounts. The Visa Manager did not comment on a possible ETA for these developments.

B2B developments, direct Bitcoin payments and NFTS

VISA announced that they also work on a B2B (business-to-business)-oriented blockchain that enables the payment processing between companies with smart contracts. Abreu said that the system is already in the test phase for some customers and that the company will make further announcements in the future. This system would increase the transparency in payments between providers and suppliers and enable everyone with access to the system to check payments and deposits.

VISA also announced that they will start testing direct Bitcoin payments in the country. This means that transactions enable Bitcoin to transfer directly to other accounts. This is completely different than with most crypto cards, where there has to be a mediator who exchanges Bitcoin against Fiat money in no time.

The inclusion of direct Bitcoin payments will make the payment process easier and eliminate them. In March the CEO of Visa in Brazil announced that it would probably implement this functionality this year. Abreu said that an NFT initiative was also in the works for Brazil. Visa has already Avatars in the Ethereum network, for $ 165,000 in Ether in August.

Bedy verification : Shutterstock, Pixabay, Wiki Commons