Visa has partnered with a blockchain firm to create a new feature that enables converting crypto to fiat money through its debit cards via the Visa Direct Solution network.
With one of its new features, Visa has stepped up efforts to facilitate crypto adoption. According to the development, Visa and Transak, a blockchain payments infrastructure firm, have partnered together. The partnership will lead to Visa easing the process of converting crypto to fiat money. The entire process will happen through the Visa Direct Solution Network.
Users can directly implement crypto withdrawals from their wallets to a Visa card through this feature. Further, they can pay at all worldwide locations, accepting Visa cards for payments. Since Visa is a global payment major, a big chunk of global payments and crypto users will benefit from this new feature.
Yanilsa Gonzalez-Ore, heading Visa Direct’s North America Division, said, “By enabling real-time card withdrawals through Visa Direct, Transak is delivering a faster, simpler and more connected experience for its users — making it easier to convert crypto balances into fiat.” Smooth crypto withdrawals through Visa cards will also be a huge step ahead for crypto adoption.
However, this is not the first time Visa has worked to promote crypto adoption. In 2023, Visa was a part of digital currency pilot trials in Hong Kong. The move became significant with Visa’s public support for central bank digital currencies in the global economy.
Meanwhile, Visa executives have also discussed their collaborations with crypto exchanges and other firms to make payments easier. They have actively promoted the potential of crypto in driving global payment volumes.
On the other hand, Visa is also a proponent of stablecoins. It worked with Solana to introduce USDC payments on its platform in 2023.
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