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Cryptocurrency To Be Accepted By Visa In Brazil

According to an interview with the Brazilian news outlet Seu Dinheiro, Visa is considering plans to accept cryptocurrency payments in Brazil. Eduardo Abreu, Visa’s vice president of new business, stated that the company plans to investigate the use of bitcoin and other digital coins as a form of payment or a means of storing value.

 

According to reports, Abreu is expanding on ideas presented earlier by Fernando Teles, Visa’s CEO for Brazil, who sought to use the API and tokenized payments.
According to the interview, Abreu believes that the way forward would involve integrating traditional financial activities into the crypto ecosystem and allowing consumers to deal in the same environment using crypto or fiat.

“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. Brazilians already have the culture of receiving card points, miles, discounts, etc. Why not receive cryptocurrencies with their credit card as well?”

Visa has long been interested in fresh ideas in the field, with the interview stating that the corporation intends to collaborate with local crypto companies and introduce crypto payment cards into the mix. According to reports, the company believes it would be possible to invest in crypto companies and ETFs without the use of a middleman.

Visa is also developing a B2B-focused blockchain that will allow businesses to pay one another using smart contracts.