Visa, the undisputed leader payment solution internationally, is taking the next step in its immersion in the world of blockchain. Recently, the company chose Solana to optimize cross-border payments in USDC.
Visa consolidates its blockchain positioning with allies
Since at least February 2021 following a then-pioneering announcement in the corporate world, Visa has shown a growing interest in the crypto world. After the successful collaboration with Crypto.com which enabled USDC to be sent over the Ethereum blockchain network, it’s now Solana in the spotlight of the international payment business.
To simplify and speed up cross-border payments, Visa is associated à Worldpay and Nuvei to launch the pilot phase of this project.
Visa points out that these partners are collaborating with a growing number of merchants operating in the blockchain and crypto ecosystem. Some of them, such as ISPs, gaming platforms or NFT marketplaces, prefer stablecoins to fiat currencies for card payments. By joining forces, these digital payment specialists aim to optimize settlement processes for merchants.
Visa continues on Solana despite FTX’s fall
Cuy Sheffield, head of cryptocurrency division at Visa stresses that this initiative will bring major added value to cross-border transactions, while significantly reducing waiting times.
The interest in Solana is strategic. At the beginning of 2021, this blockchain stood out for its superior performance, particularly in terms of speed and low transaction costs. Even today, the very low transaction costs make Solana an interesting choice. The high adoption of USDC on this blockchain network and its ability to efficiently manage transactions with stablecoins make it rather competitive. With the emergence of many blockchains based on zero knowledge technology, we are curious to see whether Solana will remain just as attractive in the years to come.
In fact, Visa’s choice seems historic, since there had been a partnership with FTX – major supporter of Solana – even if it ended in divorce following the collapse of the centralized exchange (CEX) in November 2022.
Previous collaboration with Crypto.com had already laid the foundations for the wider integration of blockchain into Visa’s business. The association with Solana could mean an even greater democratization of this technology.
Historically, Visa has always had a penchant for exploring the crypto sector and blockchain-related innovations to boost the efficiency of its money transfers. In the past, Visa has collaborated with FTX, crypto exchange for expand payment services to 40 countries. Unfortunately, this alliance did not survive the financial turmoil that shook Sam Bankman’s empire, prompting Visa to terminate the partnership. Finally, Visa has completed its deployment on Solana, offering a new payment solution to democratize the use of stablecoins.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.