Pay Visa card bills using cryptocurrencies?

In a yet another acceptance of the cryptocurrencies, credit and debit card major Visa is moving to allow payments using cryptocurrencies. It must be noted that its rival MasterCard has already included some cryptocurrencies as a valid payment option. In addition, other big names enabling the same are BNY Mellon and BlackRock.

Signs are beginning to appear that cryptocurrencies will become a mainstream way of exchanging value i.e. making and receiving payment like a country’s own fiat currency.

Seeing the big names that have embraced cryptocurrencies, it appears that Bitcoin and other such digital currencies are likely to become a regular part of investment portfolios too.

The company Visa revealed that it now allows use of cryptocurrency USD Coin to settle transactions on its payment network.

The company clarifies that this is a pilot programs and has been launched in association with cryptocurrency platform

USD Coin is a cryptocurrency whose value is pegged directly to the US Dollar.

Also read: 2021 upcoming features in WhatsApp

Another feather in the cap of cryptocurrencies is Elon Musk’s decision to allow purchase of his electric vehicles using Bitcoin.

Earlier, conversion from one currency to another was required in case payments are chosen to be settled using cryptocurrency.

For instance, using a Visa card required conversion of cryptocurrency to traditional money. This traditional fiat currency is deposited in a bank account and later wired to Visa at the end of the day.

As can be estimated, this workflow adds cost and complexity for businesses.

However, the latest step does away with the need to convert cryptocurrency into traditional money. This workflow uses Ethereum blockchain.

Get the latest update about Business news, check out more about Bitcoin, Ethereum, Visa & True Scoop News

Like us on Facebook or follow us on Twitter for more updates.