Visa announced a new product that will allow consumers in six Latin American countries, including Mexico and Argentina, to use Stablecoins for daily purchases.
Visa’s new service aims to capitalize on this growing trend to make it easier for consumers and merchants to trade with these digital assets.
Seamless transactions using stablecoins in local currencies
Visa Senior Vice President Rubail Birwadker illustrates the service’s features by a freelancer in Colombia Payment In US dollars. The worker can accept Stablecoins’ salary and then use a visa brand card (whether physical or digital) to purchase it at a local store or online.
The appeal of the system is its seamless integration; merchants receive payments immediately in local currency, making the process as simple as any other visa transaction.
Birwadker emphasize Many people in Latin America are already using stable people as a guarantee for preventing economic fluctuations. He believes that Visa’s new product will further normalize its scope of use in daily transactions.
“If you can figure out how to connect Stablecoin spending to the external ramp of Visa, that will release the use of the case,” he said.
However, this is not Visa’s first adventure to get involved in the cryptocurrency space. The company has previously offered along with rival Mastercard Payment Infrastructure For various cryptocurrency platforms, users can spend Bitcoin (BTC) and other digital currencies.
Visa uses USDC’s new service
The current release stands out because it specifically targets stabilizers that are designed to maintain consistent value. The service will also leverage Bridge’s technology to allow for flexible and open payment processing methods.
The bridge, founded by former Coinbase employees Zach Abrams and Sean Yu, aims to simplify the process of integration Stable Enter the financial application. Bridge was acquired by Stripe for $1.1 billion and is a neutral provider of APIs and technologies that facilitates the deployment of Stablecoin Solutions.
By partnering with Bridge, Visa can expand its new payment service to a range of third parties, allowing them to develop their own consumer and merchant applications.
The initial stabilizer expected to be used in this service is USDC, which is supported by Circle and Coinbase. However, Visa and Bridge plan to support other Stablecoins and various blockchain technologies in the future.
Abrams noted that the service will be particularly beneficial for businesses in areas with limited fintech infrastructure, allowing them to create Financial products Similar to popular applications like Chime or Cash applications without the need for a large amount of local financial networks.
Both companies expect to launch the Stablecoin payment service in six selected Latin American countries over the next few weeks, marking an important step in making cryptocurrencies a viable option for daily trading in emerging markets.
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