Visa gets closer to implementing crypto services in Brazil
The credit card company wants to connect conventional bank accounts with crypto products directly
The payment giant Visa had already declared its intentions to enable crypto as payments in Brazil back in March. But this time, the company opened up a little more about how they are going to implement the strategy and revealed the next steps for the future of their crypto services in South America’s most populous country.
The first step is to connect users Visa cards to their accounts with partnered exchanges within the project.
But, the company wishes to go even further: it also wants to connect users' conventional bank accounts to crypto products through APIs (Application Programming Interface).
This way, it would be possible to make investments in crypto, stocks, ETFs and other services through the same platform.
Today, credit cards that accept crypto payments have a workflow that converts cryptos into fiat, which often becomes accredited in the Exchange account and then is usable for conventional payments.
With the direct connection between banks and crypto products, the conversion would be automatic and immediate.
Visa also believes in the credit card with cashback in crypto as an initiative, since Brazilians already are used to bonus programs, such as credit points, traveling miles, discounts, etc.
In addition, the company is also developing blockchain technology to work in B2B mode (Business to Business) to facilitate payments between companies through blockchain contracts.
In March this year, the company CEO announced in an interview to a Brazilian news website that Visa hoped to implement the new system in 2021.
Visa's move to implement direct crypto services in Brazil highlights the growing adoption of cryptocurrencies throughout the Brazilian market, and larger institutional players joining the crypto train.