Credit card company Visa has partnered with Circle to integrate USDC into its payments. This is part of Visa’s Fast Track system as it reinvents itself as a “network for networks”.
December 3, 2020, | AtoZ Markets – Payment giant Visa has connected its global network to Circle’s USD Coin (USDC) stablecoin. Further plans include the issue of a card with which sellers of goods and services will be able to directly accept USDC as payment, writes Forbes.
Visa partners with Circle to issue USDC in 2021
As part of the partnership, Circle has joined the Fast Track program, which targets fintech companies looking to accelerate growth with Visa resources and services. After it passes, Visa, presumably next year, will issue a credit card with support for payments in USDC.
Such a card will allow sending international payments in USDC, after which the funds will be converted into the recipient’s national currency and can be spent at any point served by Visa.
“This will be the first corporate card that will allow businesses to spend USDC,” said Kai Sheffield, head of Visa’s cryptocurrency business.
Visa will not store the stablecoin on its own – instead, the company will connect selected credit card issuers to the USDC software.
25 cryptocurrency wallets have already joined the Fast Track program, including Fold and Cred. All of them will now be able to integrate USDC.
“We see Visa as a network of networks. Blockchain networks and stablecoins are just complementary networks. Therefore, we believe Visa can improve the customer service experience by giving them access to such tools, ”added Sheffield.
Earlier, it was reported that payment networks Visa and Mastercard are stricter towards potential card issuers if their activities are related to digital assets, requiring, among other things, proof that the funds used came from reliable sources.
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