Visa to integrate digital currency with global merchants. The global payments technology giant is working with Coinbase and Fold, two authorised and controlled digital currency platforms.
In a blog post, Visa says the advent of fiat-backed digital currencies or stablecoins represents a new trend in payments that blends the advantages of digital currencies with the “stability” of traditional currencies such as the US dollar.
The company says that the idea of stablecoins has “gained traction beyond fintechs” and now “includes financial institutions and central banks.” Digital currencies are now being embraced by customers and companies, although studies indicate that the circulation of stablecoin is increasingly the.
The payment company also reveals that already “more than 25 digital currency wallets have linked their services to Visa,” giving users an easy way to spend from their digital currency balance using a Visa debit or prepaid credential — anywhere Visa is accepted.
These digital currency wallets are looking to “use the full range of Visa’s capabilities,” including Visa Direct, an option that makes it “faster and easier for consumers to convert digital currency and push those funds to their Visa credentials in real-time.”
Visa explains that much of this work is happening through Visa’s FastTrack program, which helps fintechs to integrate quickly with Visa’s global network.