Global payments giant Visa has recently announced that it is planning to roll out cryptocurrency services for Brazilian banks soon.
Top officials at Visa said that it is currently collaborating with various Brazilian companies to bring crypto payment cards closer to the market. It also plans to soon integrate these cards with Bitcoin functionalities.
Eduardo Abreu, Visa’s vice president of New Business in Brazil, said that the company is currently developing applications to integrate cryptocurrency products into the Brazilian market.
Once these applications are ready to be introduced, a banking platform can be used to invest in cryptocurrencies and ETFs directly. With this process, citizens can benefit from a transaction that eliminates intermediaries, making transactions faster and cheaper.
Cryptocurrency cards
Visa also said that it is working on different Brazilian companies, which include Zro Bank, Rippio, and Alterbank, to develop cryptocurrency cards. Through these collaborations, citizens can easily link their accounts on crypto services through their bank accounts. A specific timetable for these projects wasn’t provided by Visa officials.
On top of their upcoming crypto products and services, Visa also said that it is also developing a business-to-business blockchain service. Through this service, providers and suppliers would have the capability to verify payments and deposits using this system which could increase transparency in their transactions.
Testing phase
Visa said that its B2B system is already in the testing phases and will soon release an official update about the system’s development.
It also added that it would begin a pilot test on direct bitcoin payments in Brazil soon, which would enable citizens to directly send bitcoin on other accounts.
The payments processor said that its upcoming cryptocurrency cards will be different from other crypto cards as they will not require intermediaries just to convert bitcoin into fiat money.
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