Visa to Use Stablecoin More for Merchant Payments

Visa, a global payment leader, is making cross-border payments faster and modern by using the Solana blockchain and stablecoins like USDC. They have partnered with Worldpay and Nuvei to achieve this.

Visa ensures that when someone uses their card to buy something, the money moves correctly between their bank and the store's bank. They do this for thousands of banks in over 25 currencies. With stablecoins and blockchains like Solana and Ethereum, these transfers are even faster.

Cuy Sheffield, Head of Crypto at Visa, mentioned, “By using stablecoins and blockchain, we're improving how fast money moves across borders. Visa wants to be a leader in digital currency and blockchain.”

In 2021, Visa tested USDC inside its operations. Their test with Crypto.com in Australia showed that using USDC on Ethereum blockchain made payments faster and simpler. Instead of long waits and expensive transfers, Crypto.com can now send USDC quickly and directly to Visa.

Jeremy Allaire, CEO of Circle, said, “USDC was made to be a digital dollar for fast, secure payments. Visa's work with USDC is changing the future of payments.”

Now, Visa is not just receiving but also sending money to partners like Worldpay and Nuvei using blockchain. Many online businesses, games, and digital art sellers might prefer getting paid in stablecoins rather than usual money. Using Visa, Worldpay and Nuvei can send payments in USDC to these businesses.

Visa also added support for the Solana blockchain because of its speed and low cost. Solana can handle many transactions very fast. Visa's choice makes it one of the first big payment companies to use Solana for real payments.

Jim Johnson from Worldpay, said, “Visa's USDC payments let us offer more choices to our merchants.” Philip Fayer from Nuvei added, “Stablecoins like USDC can help online businesses grow faster. We're happy to work with Visa on this.”