Brazil Gets a New Payment Method from Visa and it is Crypto

It was just recently, when the Visa’s representative, Eduardo Abreu was reportedly interviewed by Seu Dinheiro, a local news outlet from Brazil. Abreu, is Visa’s new business’s vice president, who talked about Visa’s new venture into cryptocurrencies.

He revealed that Visa, the payments giant is planning to bring something huge for the Brazilian market. Abreu revealed that Visa is planning to bring cryptocurrency assets facility to the users based in Brazil.

Through the integration of cryptocurrency assets, the Brazilian crypto-users will be able to benefit a lot from the service. This would also help Visa bring in a tremendous amount of adoption to the platform.

He revealed that once the service is introduced, the users will be able to use it for both, as the store of value as well as a mode of payments. Abreu has confirmed that among the list of cryptocurrencies, Bitcoin (BTC) will be the top currency that will be integrated into the crypto-payments method.

Fernando Teles, the CEO of Visa Brazil was the first person to talk about the introduction of tokenized payments that they aimed to adopt for Visa. Teles had talked about the company’s decision to adopt cryptocurrencies back in March of 2021.

Back in March, Teles had hinted that they were planning to adopt cryptocurrencies in the form of API (application programming interface). With the API, they aimed to build a bridge between cryptocurrency and financial institution services.

Abreu seems to be on the same page as Teles when it comes to believing in the collaboration of both the traditional financial and crypto sector for worldwide adoption of cryptocurrencies.

According to him, it is too difficult for the cryptocurrency industry to survive without integration and input from the traditional financial ecosystem. Once the cryptocurrency industry and the traditional financial industry are able to work together, there will be no stopping cryptocurrencies’ worldwide adoption.

At present, over 180 fiat currencies are being offered by Visa through its platform and have over 170 million customers spread across the globe. Visa has already assessed the true potential of cryptocurrencies and has started making several moves inside the cryptocurrency world.

Since the beginning of 2021, Visa has formed partnerships with several fintech firms that include Zro, Ripio, and Alterbank. The payments service provider has done this to bring in more crowds to its platform to benefit from it.

So far, Visa has not made any official announcement in regards to the implementation of the integration. It is being expected that Visa may soon release the date of implementation of the crypto-integration on its platform.

With this move, Brazil would become one of the major sources and hubs for the cryptocurrency community, as well as individuals that wished to make a move into the crypto-verse.

Leave a Reply

Your email address will not be published. Required fields are marked *