Visa to bring Bitcoin (BTC) services to Brazilian banks

Tue 07 Sep 2021 ▪ 13h23 ▪ 4 min read — by Mary Anderson

Visa, an international payment giant, announced its plans to provide cryptocurrency services to traditional banking platforms in Brazil. The company also revealed that it is working with several cryptocurrency companies to bring crypto payment cards to the Brazilian market. According to Bitcoin.com, the company plans to integrate Bitcoin directly into payments.

Visa to allow investing in crypto in Brazil

Credit card giant Visa has announced its plans to integrate cryptocurrency solutions into traditional banking platforms. Eduardo Abreu, Visa’s vice president of new business in Brazil, said that the company plans to develop applications (APIs) to combine traditional banks with cryptocurrency products. Thus, investments in cryptocurrencies and ETFs (exchange-traded funds) could be made within the framework of banking platforms without intermediaries.

Visa also announced cooperation with several national companies, such as Zro Bank, Alterbank and Rippio, to issue cryptocurrency cards. This will allow users to connect them to bank accounts. Visa CEO has not yet announced the date these implementations will come into force.

B2B innovations and crypto cards

Visa shared its plans on creating a B2B-oriented blockchain, which will allow settling payments among companies using smart contracts. Abreu said that the system is already being tested and that the company will announce details in the future. This system will increase the transparency of payments between suppliers and providers, allowing verification of payments and deposits.

Visa also announced that it will start testing direct Bitcoin payments in Brazil: Bitcoin could be transferred to other accounts directly. This approach is completely different from the system currently used by most cryptocurrency cards which require an intermediary to exchange Bitcoin for fiat money during the operation. The inclusion of direct Bitcoin payments will simplify the payment process and eliminate intermediaries. In March, the CEO of Visa in Brazil said that the company expects to introduce this feature this year.

NFTs initiative

Abreu said that Visa in Brazil had also picked up the NFTs initiative and will share the details soon. Visa is an ardent advocate of NFTs: tokens can help individual content creators, small and medium-sized businesses. NFTs “bridge culture and commerce”, the company believes.

Visa joined the NFT collectors by buying the Crypto Punk #7610 token, a pixel image of one of the 3840 female punks, for $150,000 (~£108,000) in Ethereum (ETH) in August.

Visa became the first major payment system to conduct transactions in crypto back in March and has been increasing its turnover ever since. The introduction of cryptocurrency as a means of payment will allow Visa to win the fans’ support in the developing market.

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Mary Anderson

I am sure that crypto assets are a new type of economy. We are at the origins of the crypto revolution. Right now, it is worth studying what cryptocurrencies and the blockchain are in order to make the most of this knowledge and these skills in the future.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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