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Visa wants to incorporate Bitcoin payments in Brazil, suggests reports

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  • An official from Visa Brazil discusses intentions to integrate crypto assets such as Bitcoin into the payments network
  • In the interview, Abreu expressed his conviction that wider acceptance will need the integration of traditional banking activities into the cryptocurrency ecosystem, allowing clients to trade in both fiat and cryptocurrency
  • Abreu also recommended that consumers receive rewards in cryptocurrency in addition to this service that the habit of obtaining card points, miles, discounts, and other benefits is already prevalent in Brazil

An official from Visa Brazil discusses intentions to integrate crypto assets such as Bitcoin into the payments network. Eduardo Abreu, vice president of new business at payments giant Visa, revealed the company’s plans to integrate crypto assets onto its platform for both payments and as a store of value, including the leading cryptocurrency, Bitcoin, in a recent interview with local Brazilian news outlet Seu Dinheiro (BTC). Fernando Teles, Visa’s CEO for Brazil, presented the notion of tokenized payments in March 2021, as well as an application programming interface, or API, to bridge the gap between traditional financial institutions and crypto businesses.

In the interview, Abreu expressed his conviction that wider acceptance will need the integration of traditional banking activities into the cryptocurrency ecosystem, allowing clients to trade in both fiat and cryptocurrency. Visa’s platform now supports 180 currencies, and the company plans to use its 170 million worldwide user base and established fintech partnerships with national banks Alterbank, Ripio, and Zro to drive adoption in the area. 

There was no precise date given for the debut, although it is widely expected to happen in the following months. The greatest benefit of using Bitcoin is, without a question, its simplicity. When utilizing Bitcoin, there is an optimization of trades because there is no need to convert a fiat currency, stated Abreu. 

Abreu also recommended that consumers receive rewards in cryptocurrency in addition to this service that the habit of obtaining card points, miles, discounts, and other benefits is already prevalent in Brazil. Why shouldn’t they be able to receive bitcoins using their credit card as well? Visa has a history of generating news in the cryptocurrency world. Visa last month acquired a CryptoPunk nonfungible token avatar for 50 Ether (ETH) $150,000 at the time of sale — in order to highlight its pioneer role as a cultural mediator between traditional and contemporary finance. 

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