The CEO of Visa Brazil explains intentions for integrating cryptocurrencies such as Bitcoin into the company’s payments systems.
Eduardo Abreu, Vice President of new business at payments giant Visa, revealed the company’s intentions to integrate crypto assets onto its platform for both payments and as a store of value, including the leading cryptocurrency Bitcoin, in a recent interview with local Brazilian news outlet Seu Dinheiro (BTC).
The notion of tokenized payments, as well as an application programming interface (API) aimed to bridge the gap between traditional financial institutions and cryptocurrency services, were announced by Visa’s CEO for Brazil, Fernando Teles, back in March 2021.
As part of the interview, Abreu expressed his idea that growing use of cryptocurrencies will necessitate the integration of traditional banking activity into the cryptocurrency ecosystem, allowing customers to transact with both fiat and cryptocurrency in the same environment.
Currently, Visa supports 180 currencies on its platform, and the company will attempt to utilize its 170 million worldwide customer base as well as its established fintech connections with national banks Alterbank, Ripio, and Zro in order to increase usage in the region.
Despite the fact that no exact date for the debut has been announced, it is largely expected to take place in the next months.
“The great advantage of adopting Bitcoin is, without a doubt, its ease. Without needing to exchange a fiat currency, there is an optimization of exchanges when using Bitcoin.” said Eduardo Abreu.
In addition to this service, Abreu suggested that users be given the option of getting payback in cryptocurrency:
“Brazilians already have the culture of receiving card points, miles, discounts, etc. Why not receive cryptocurrencies with their credit card as well?”
Visa has a history of creating news in the cryptocurrency area, and this is no exception. Visa purchased a CryptoPunk NFT avatar for 50 ETH ($150,000 at the time of purchase) last month in an effort to represent its pioneering stance as a cultural mediator of traditional and digital banking.
