Weekly SmartPills #10
VISA REVOLUTIONIZES PAYMENTS WITH STABLECOINS ON ETHEREUM
Visa, the credit card giant, is making strides in integrating Ethereum-based blockchain solutions into its future payment services. According to Alfred F. Kelly, a Visa executive, stablecoins could play a significant role in the company’s payments division. The company has launched several initiatives, including a test to accept payments on Ethereum using the USDC stablecoin. This is just the beginning of what Visa has in store for payment innovation.
Cuy Sheffield, Vice President and Head of Crypto at Visa, shared the company’s enthusiasm for expanding toward Ethereum. He stated that Visa wants to build and innovate in this direction, allowing its users to convert between traditional dollars and digital tokens smoothly and transparently. A team of Visa experts has worked diligently to examine the use of various blockchains, focusing on key aspects such as security, scalability, interoperability, privacy, and use cases of the protocols.
Visa’s specific focus on Ethereum has already translated into ongoing explorations to enable automated payments.
Visa and the importance of stablecoins
Currently, Visa relies on the SWIFT network for its payments, but it has pointed out a number of limitations of that system. Cuy Sheffield explained that Visa is constrained by these restrictions, preventing them from moving money as frequently as desired. However, Visa is pushing for radical changes in the payments ecosystem. The company has started experimenting with the acceptance of payments using stablecoins as an alternative. Using Ethereum wallets, users can withdraw funds without the need to manually sign each transaction. Thanks to Visa’s support, it is now possible to schedule automatic payments that can be sent directly from non-custodial crypto wallets.
The future of payments with Visa
Visa’s push toward Ethereum and stablecoins represents a major evolution in the payments sector. The company is laying the groundwork for a future in which financial transactions will be more efficient, faster, and more convenient for users. The potential integration of Ethereum into the Visa network will offer new opportunities for a more inclusive and global digital economy.
In conclusion, Visa is embracing the revolutionary potential of Ethereum-based solutions and stablecoins. The company has launched significant tests to explore the possibilities of automated payments and unrestricted transactions. With ongoing innovation in the cryptocurrency sector, Visa may play a key role in creating a future where digital payments become the norm.