Leading payment settlement entity, Visa has announced the news about its strategic partnership with Circle Internet Financial, Inc., a highly-acclaimed crypto finance facilitator. The integrating parties will help the Visa card owners enjoy integrated USDC stablecoin payment services using their Visa credit cards, making the overall experience a cakewalk for the users. The news was circulated in the media via a Twitter post that read:
As per the Forbes report, Circle will offer select Visa credit card issuers to infuse USDC software into their systems, easily allowing them to send and receive USDC-based payments. This will help Visa-using business entities to send USDC assets globally to other Visa-powered entities. The funds transferred will be converted into the native currency and then can be traded at any spot accepting Visa.
The spearhead of Crypto at Visa, Cuy Sheffield, stated that the new card facility would be a pioneer in the field as it will be the first corporate card allowing entities to spend their USDC holdings. This exposure will help Circle to expand the utility and operability of USDC amongst the clients. The collaboration stores multiple benefits for crypto wallet providers too.
Presently, Visa’s fintech promoter, the Fast Track Program is working closely with 25 wallet projects. The users will be able to trigger their USDC integration projects easily. Other leading wallet solutions such as BlockFi are all set to launch a Visa card in 2021 and allow customers to use USDC payments by the first quarter of the approaching year. These steps will help in boosting the popularity of cryptocurrencies by encouraging their mass adoption in the domain.