the company has plans to build a network where customers can pay with crypto coins.
In collaboration with crypto platform crypto.com, Visa has decided to set up a new project. The intention is that customers with their Visa card in the U.S. be able to pay with crypto coins in the long term. It is currently a pilot project in which payments are made via USD Coin. Just say the digital counterpart of the US dollar.
Visa & crypto
Visa plans to develop more collaborations later this year and in the coming years with partners that make it possible to pay with crypto coins in-store or online. Of course, retailers have to follow and they want to accept. That seems to be the big advantage of USD Coin right now. The biggest advantage of the USD Coin compared to, for example, Ripple or Bitcoin is that it is a stablecoin.
Stablecoins are cryptocurrencies, but without the volatility of, say, bitcoin. It is a digital currency with a much more stable price and therefore value. The stablecoin can be linked to cryptocurrency and various other systems. So that seems to be the main way Visa wants to go about it right now.
PayPal and Mastercard are also working hard to expand their business activities to support for crypto. According to Paypal, there are more and more companies and retailers worldwide that accept digital payment methods. In the U.S. Tesla has recently become one of the largest.