Global payments company Visa said that is planning to integrate with digital currency platforms. The company already has an existing global network of 61 million merchants.
Fold and Coinbase in partnership
The technology giant will be working with Fold and Coinbase, two regulated and licensed digital currency platforms. In a recent blog post, Visa said that the emergence of digital coins and even stablecoins brings forth new payment innovation. This could come with the benefits of existing currencies like the US dollar and pair it up with innovative digital coins.
“we’re reshaping how money moves across the globe, and that means pursuing a broad array of technologies and partnerships. In that regard, digital currencies offer an exciting avenue for us to continue doing what we do best: expanding our network-of-networks to support new forms of commerce.”
The payments giant said that stablecoins have gained much traction and now everyone from fintech firms to financial institutions and even central banks are interested in this concept. Businesses and consumers are also adopting digital coins while some reports that stablecoin circulation is growing at a rapid pace. According to one estimate, the total supply of stablecoin is around $12 billion.
Connecting services to Visa
The payment company also said that more than 25 digital currency wallets have already linked their services to Visa. This has given users an easier way to spend from their digital currency balance. All they have to do is use their Visa credentials in any outlet where Visa is accepted. The digital currency wallet integrations will be able to get a full range of Visa capabilities which includes Visa Direct. This option will consumers make faster and easier payments by quickly converting digital currency and sending the funds to their Visa credentials. The process happens in real-time.
Visa also suggested that a lot of its work is happening via the Visa FastTrack program which will help fintech in integrating quickly with the global network of the payments giant.