Visa Will Use Solana's Blockchain Technology to Enhance Its Services in the Future

Visa is ready to use blockchain technology. (Photo; Doc. Blockchain News)

JAKARTA - Visa, a leading global payments company, has revealed plans to utilize blockchain technology in its future operations. This was disclosed by Head of Crypto Visa, Cuy Sheffield, in a blog post on September 6th. Sheffield also spoke about Visa's recent partnership with blockchain Solana.

In his post, Sheffield paints a picture of a future where the Visa network not only involves currencies and bank settlement channels, but also blockchain networks, stablecoins, and CBDC (Central Bank Digital Currency) or tokenized deposits.

They hope that traditional fiat currencies and conventional settlement channels can coexist with tokenized fiat operating on a global blockchain network in real-time. Visa sees their role as a conduit for their customers, independent of the preferred currency, settlement network, or form of payment used.

Sheffield noted that blockchain technology faces similar challenges to the early days of the internet, with skepticism, criticism and doubt. Just as the internet evolved from its broadband beginnings to being fast, cheap, and easy to use, Visa believes that blockchain technology will experience similar developments.

Visa sees great potential in blockchain technology, especially in global and cross-border payments. The company has initiated steps to integrate blockchain into its operations.

One example is testing USDC payments on Ethereum in 2021 as part of a partnership with Crypto.com. Visa has also teamed up with Solana to provide fintechs with modern options for payment settlement.