The crypto community in Brazil was given a massive topic for discussion as VISA’s Vice President for New Business Development, Eduardo Abreu, had dropped an info bomb through the local media outlet, Seu Dinheiro. He said that the transnational financial corporation is planning to incorporate cryptocurrency services into its platform, implying that the customers would be able to store digital assets on their balances and also spend them freely.
Visa has been playing with this idea for many months. In March, the CEO of VISA’s Brazilian branch, Fernando Teles, had already openly spoken about the prospects of the introduction of tokenized payments, accompanied by the incorporation of the special application programming interface (API) that should forge the connection between the Brazil-based cryptocurrency services and impactful financial institutions.
Crypto cashback is also being considered:
Abreu noted that the proper integration of cryptocurrencies would require a much better interconnection between the banking and the cryptocurrency ecosystems to ensure seamless conversions from fiat to crypto and vise versa so that the customers would be able to pay with crypto without any hassle. At the moment, Visa operates with 180 national currencies and boasts a huge global customer base of 170 million people. In Brazil, the corporation has established close business ties with major local banks, such as Zro, Alterbank, and Ripio.
The Vice President didn’t specify when the crypto payment option is going to be rolled out, though experts suggest that it’s bound to happen in the next few months. He also praised Bitcoin for being one of the most efficient means of payment, especially when there is no need to convert it to fiat. Abreu also hinted at the possibility of Visa customers in Brazil being eligible for cashback for using cryptocurrencies as they are already accustomed to receiving card points, miles, and various discounts when paying with VISA cards.