Good day everyone,
I hope you are all well and having excellent day, welcome to CryptoGod-1’s blog on all things crypto. The global payment giant Visa has announced its plans to expand into the world of stablecoin payments, and has plans to integrate with the Solana Blockchain to provide new serives.
Visa & Solana
On the 5th of September 2023 VISA made the announcement that it will integrate with Solana and expand into the stablecoin payments sector. This is a huge move by VISA, who also announced its collaborations with prominent merchant banks, Worldpay and Nuvei.
The Head of Crypto at VISA, Cuy Sheffield, noted:
“By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’re helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury.”
Cuy Sheffield also addressed some of the challenges which are associated with traditional Visa card transactions, such as the fact even though consumers experience a near instant payment transaction, the literal movement of funds behind the scenes can take longer to execute. It is VISA treasury and settlement systems which facilitate these transactions. These systems ensure that the efficient clearing, settlement, and transfer of funds between the consumer’s bank (the issuer) and the merchant’s bank (the acquirer) happens without any further requirement from the consumer.
This process and operation happens in a seamless way across a vast network comprising nearly 15,000 financial institutions and involving over 25 global currencies. This move towards stablecoins will see settlements transacted through the capability for VISA to transfer USDC-denominated payouts to Worldpay and Nuvei through its Circle Account.
The merchant banks will now be able to channel these payments in USDC to their end merchants, meaning Visa can now transmit funds on-chain to acquirers like Worldpay and Nuvei to ensure expedited settlement…
#VISA #Solana #Blockchain #Crypto #Stablecoin
