Visa to launch cryptocurrency services in Brazil

Visa will offer cryptocurrency services to traditional banking platforms in Brazil, the company announced.

The announcement was made by Visa’s vice president of new business in Brazil, Eduardo Abreu. According to him,  the company was set to develop applications to unite traditional banks with cryptographic products, Bitcoin.com reported.

According to Visa, it was working with several cryptocurrency companies in Brazil to bring cryptocurrency payment cards to the market and hinted at the possibility of directly integrating bitcoin payments.

It will be possible to make investments in cryptocurrencies and ETFs within banking platforms with no intermediates, Visa said.

Visa further revealed that it was testing a business-to-business-oriented blockchain that would allow payment settlement among companies using smart contracts and that the company would have more announcements 0n this in the future.

The vice president speaking further said this system will enhance transparency in payments among providers and suppliers, allowing everyone with access to the system to verify payments and deposits.

Visa would start testing direct bitcoin payments in the country that will allow bitcoin transactions to be transferred to other accounts directly.

This process will eliminate intermediaries that are presently required to exchange bitcoin for fiat money on most crypto cards.