The Visa payment system will allow the use of the USD Coin (USDC) stablecoin for settlements on its network, the company said in a press release. The payment system has launched a pilot project in conjunction with the cryptocurrency platform Crypto.com and plans to offer the opportunity to conduct transactions with this cryptocurrency to partners at the end of 2021, the message says.
“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” Cuy Sheffield, head of crypto at Visa, said.
Major financial companies, including Bank of New York Mellon, BlackRock and Mastercard, have already announced plans to add the ability to conduct payment transactions with certain digital currencies. This raises expectations that cryptocurrencies will become a permanent part of investment portfolios.
At the same time, in the coming months, payment giant PayPal will provide users with the ability to pay for purchases with Bitcoin, Bitcoin Cash, Ethereum and Litecoin at 29 million points of sale, as reported by Reuters, referring to the forthcoming statement of the company.
At the time of purchase, users will be able to convert cryptocurrency to fiat.
“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” President and CEO Dan Schulman told Reuters ahead of a formal announcement.
He added that PayPal will not charge transaction fees when placing an order using cryptocurrency. For each purchase, the client will be able to use only one type of coin.