Visa is testing how to accept payments and payout on Ethereum via stablecoin USDC.

Visa is testing possibilities with Ethereum-based stablecoin.
Source: Unsplash

Visa has announced plans to integrate Ethereum blockchain-powered solutions into its services, with the aim of bolstering the next generation of payments. The company announced that they have been testing how to “actually accept payments from issuers in USDC on Ethereum. And these are large value settlements payments.”

By leveraging the transparency, security and immutability of blockchain technology, Visa aims to enhance its ability to facilitate fast and secure cross-border payments, improve its fraud detection and prevention capabilities, and reduce its operational costs.

Through its integration with the Ethereum blockchain, Visa will be able to offer its customers new payment solutions that are based on smart contracts. This will enable them to programmatically define the conditions under which a payment should be made, automate the payment process and eliminate the need for intermediaries. This will not only make the payment process faster and more efficient, but also increase the transparency and accountability of transactions.

Visa’s integration with the Ethereum blockchain will also allow it to leverage decentralized finance (DeFi) applications and services, such as decentralized exchanges and stablecoins, which are becoming increasingly popular in the crypto space. Visa has been losing to its digital assets counterparts for months. This will give Visa access to new markets and customer segments, and provide it with the ability to offer new and innovative payment solutions to its customers.