Visa has announced a new product that will allow consumers of six Latin American countries, including Mexico and Argentina, to use stablecoins for daily purchases.
The new visa service aims to capitalize on this growing trend, which facilitates transactions for consumers and traders using these digital assets.
Transparent transactions with stablescoins in local currencies
Birwadker ribail, Visa’s main vice-president, illustrated the functionality of the service with the example of a self-employed worker in Colombia who receives payments in American dollars. This worker could accept Stablecoins wages, then use a Visa – Physics or Digital brand card – to make purchases in local or online stores.
The attraction of this system lies in its transparent integration; Traders immediately receive payment in their local currency, which makes the process as simple as any other visa transaction.
Birwadker underlines That many individuals in Latin America already adopt stablecoins as guaranteed against economic volatility. He thinks that the new visa offer will normalize their use more in daily transactions.
“If you can determine how to link Stablecoin expenses with the ramp excluding visa ramp, which unlocks the use of the case,” he said, highlighting the stablecoin potential to improve financial transactions.
However, this is not the first visa adventure in cryptocurrency space. The company, alongside Rival Mastercard, previously provided its payment infrastructure For various cryptocurrency platforms, allowing users to spend Bitcoin (BTC) and other digital currencies.
The new visa service to use the USDC
The current launch stands out because it focuses specifically on stablescoins, which are designed to maintain coherent value. The service will also take advantage of bridge technology, allowing a flexible and open approach to payments treatment.
Bridge, founded by former employees of Coinbase, Zach Abrams and Sean Yu, aims to simplify the integration process stable in financial applications. Acquired by Stripe for $ 1.1 billion, Bridge serves as a neutral API and technology supplier, facilitating the deployment of stablecoin solutions.
By associating with Bridge, Visa can extend its new payment service to a range of third parties, allowing them to develop their own consumer and merchant applications.
The initial stable that should be used in this service is USDC, which is supported by Circle and Coinbase. However, the visa and the bridge plan to support additional stables and various blockchain technologies in the future.
Abrams noted that this service will be particularly beneficial for companies in regions with a limited fintech infrastructure, allowing them to create financial products Similar to popular applications like Chime or Cash App without the need for large local financial networks.
The two companies provide for the launch of this Stablecoin payment service in the six selected countries in Latin America in the coming weeks, marking an important step in cryptocurrency a viable option for daily transactions on emerging markets.
Dall-e star image, tradingView.com graphic
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