Visa plans to introduce cryptocurrencies into the Brazilian banking system

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Payment system Visa announced cooperation with Brazilian banks. The company plans to provide cryptocurrency services to Brazilian citizens and make payments in BTC.

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report Brazilian media. Vice President of Business Development for Visa Brazil, Eduardo Abreu, said the payment giant has partnered with several cryptocurrency firms in Brazil to integrate cryptocurrencies into the country’s traditional banking system and bring cryptocurrency cards to market.

Banks will be able to connect to Visa’s cryptocurrency services through the API, as well as use a dedicated banking platform for direct investment in cryptocurrencies and exchange traded funds (ETFs) tied to cryptoassets.

Abreu added that the payment system has partnered with Brazilian banks Zro Bank, Alterbank and Rippio to create cryptocurrency cards, but did not name the approximate timing of their issuance. Visa is also working on a platform that will allow corporate clients to make payments using smart contracts. Service operators will be able to verify payments and deposits using this system, which will increase the transparency of settlements. Abreu said that the platform is already in the testing stage, the results of which will be announced later.

Visa will soon begin testing direct payments in bitcoins in Brazil, Abreu said. In other words, users will be able to directly send bitcoin to other accounts. Unlike cryptocurrency cards, which involve engaging a third party to convert bitcoin into fiat currencies, Visa will eliminate the need for intermediaries.

“Our goal is to bridge the gap between cryptocurrencies and the existing banking system in the country. Brazilians are already earning points, miles and card discounts. Why not get cashback in cryptocurrencies using a credit card? ”Abreu said.

According to Visa, in the first half of 2021, more than $ 1 billion in payments were made on Visa cryptocurrency cards. Earlier, Visa CEO Alfred Kelly said that the payment operator intends to further support the development of the cryptocurrency industry, since can become very popular.

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