Visa Expands Its Cross-border Payments to Solana
Visa is expanding its stablecoin settlement capabilities to the Solana blockchain and is working with merchant acquirers Worldpay and Nuvei.
Visa, the global payments giant, has announced its expansion of stablecoin settlement capabilities to include the Solana blockchain and its existing Ethereum capabilities. The company has partnered with merchant acquirers Worldpay and Nuvei for pilot programs.
In these live pilots, Visa has already facilitated the movement of millions of USD coins (USDC) between its partners over the Solana and Ethereum blockchain networks to settle fiat-denominated payments authorized through VisaNet, its payment processing platform. This move aims to accelerate cross-border settlements and provide a stablecoin payment option for clients.
Cuy Sheffield, the Head of Crypto at Visa, explained that leveraging stablecoins like USDC and blockchain networks like Solana and Ethereum will enhance the speed of cross-border settlement and offer a modern solution for clients to send or receive funds from Visa’s treasury easily.
Worldpay and Nuvei are fintech companies that serve merchants across various sectors. With Visa’s support, they plan to offer merchants the option to receive payments in stablecoins such as USDC. This announcement positions Visa as one of the first major payment companies to include Solana as a supported settlement blockchain.
Visa’s expansion into the Solana blockchain demonstrates the company’s recognition of its potential and commitment to staying at the forefront of digital payment innovation. Solana is a high-performance blockchain that can handle thousands of transactions per second, making it suitable for Visa’s settlement needs.
Integrating stablecoins and blockchain technology into the traditional financial system brings numerous benefits, including faster settlement times, reduced costs, and increased transparency. By embracing this technology, Visa aims to provide its clients with efficient and secure payment solutions.
This move by Visa is part of a broader trend of traditional financial institutions embracing cryptocurrencies and blockchain technology. As the digital asset ecosystem evolves and matures, more companies recognize the value and potential of blockchain-based solutions.
Visa’s decision to partner with Worldpay and Nuvei for pilot programs highlights the importance of collaboration in driving innovation in the financial industry. By working together, these companies can leverage their expertise and resources to create more seamless and efficient payment experiences for merchants and consumers.
Overall, Visa’s expansion of stablecoin settlement capabilities to include the Solana blockchain is a significant development in adopting digital assets in traditional finance. This move demonstrates Visa’s commitment to staying at the forefront of payment technology and providing its clients with innovative solutions for cross-border settlements.
9/ It’s still early days, but Visa has already settled millions of dollars of USDC over the Ethereum and Solana blockchains between our clients. We are committed to continuing to innovate around how we move money and providing our clients modern options for settlement pic.twitter.com/pbByiMAPAY— Cuy Sheffield (@cuysheffield) September 5, 2023
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