Visa Gandeng Solana To Increase Digital Payments Through Stablecoins

Visa improves stablecoin completion on the Solana network. (Photo; Doc. Btc Echo)

JAKARTA - Visa, one of the global payment giants, has taken important steps to support the use of digital currencies by expanding their stablecoin completion capabilities to Solana's blockchain network. The move is in line with Visa's efforts to modernize their payment systems and settlements in the rapidly growing Web3 era.

Visa has previously partnered with Crypto.com and Circle to leverage USDC stablecoins and Ethereum blockchains to facilitate nearly instant cross-border transaction settlements between publishers and buyers. With additional support for Solana, Visa aims to enable faster and more efficient transactions for users who want to take advantage of stablecoins.

"The way we take advantage of stablecoins like USDC and global blockchain networks like Solana and Ethereum helps increase cross-border completion speeds and provides modern alternatives for our clients to easily send or receive funds through Visa networks," said Cuy Sheffield, Head of Crypto Division at Visa.

The move also means that Visa will send USDC funds directly to Worldpay and Nuvei, two major carriers, who can then direct payments in stablecoins to their traders.

In conventional situations, the completion of cross-border purchases involves a complicated conversion process between fiat currencies. The use of stablecoins as a means of payment allows for a faster and more efficient process.

"Expanding funding options and increasing flexibility is very important to meet the needs of global merchants in the trade landscape which continues to change rapidly," said Jim Johnson, Worldpay Merchant Solutions president.

Visa also wants to take advantage of the potential of digital currencies. Solana, which has become one of the fastest layer one blockchain networks, was chosen as the destination for this expansion. However, keep in mind that the network experienced some blackouts in the previous year.

With this move, Visa stated that they are committed to modernizing their payment and settlement systems for the future, which is increasingly affected by blockchain technology and digital currencies. The company believes that stablecoins like USDC have the potential to provide near-instantaneous solutions compared to traditional bank transfers.

As the ideal partner to test this new settlement capability, Visa has partnered with Worldpay and Nuvei. Both are big players in the global acquisition business and have supported a variety of traders increasingly involved in the crypto economy, including the NFT marketplace, crypto on-ramp platforms, and blockchain-based gaming.

Philip Fayer, Chair and CEO of Nuvei, revealed that "stablecoins like USDC are cutting-edge payment technologies that can help online businesses around the world accelerate their growth." With this move, Visa demonstrates its commitment to becoming a leader in the adoption of digital currencies in the global world of payments.