Financial services giant Visa Inc. is set to offer crypto services to traditional Brazilian banks, Finbold reported.
- Visa officials said the firm is working with Brazilian firms as Alterbank, Rippio, and Zro Bank to roll out crypto payment cards to the market. This will enable users to link their bank accounts to crypto services.
- Visa will test direct Bitcoin payments in Brazil shortly, with the digital coin sent straight to accounts. This removes intermediaries which convert digital tokens to fiat currencies as implemented in conventional crypto cards.
- The payments giant is also developing a business-to-business blockchain capable of smart contracts in a bid to boost transparency and allow providers and suppliers to verify payments and deposits. The system is being tested with select clients.
- Visa Vice President of New Business in Brazil Eduardo Abreu said the crypto service will be hinged on the country being already immersed in the culture of receiving card points, miles, and discounts through the credit card.
Brazil earlier approved a Bitcoin exchange-traded fund and gave the go-ahead for a product that replicates the performance of Ethereum. BTC is down 8.87%, and ETH is down 12.91%.