Quick take:
- The product will initially launch across six countries in Latin America, including Argentina, Colombia, Ecuador, Mexico, Peru, and Chile.
- It allows merchants to get paid in their local currencies.
- Cardholders will be able to make purchases using stablecoins “at any merchant location that accepts Visa.”
Visa has unveiled its next steps for the advancement of global payments. The company introduced new features and products on Wednesday including an AI-powered consumer shopping experience and payment products Visa Pay and Visa Accept.
However, its stablecoin-backed credit and debit cards were perhaps the highlights for the crypto-natives.
Visa said it partnered with Stripe’s Bridge to launch a product that allows developers to offer stablecoin-backed Visa cards.
According to the announcement, the product will initially launch across six countries in Latin America, including Argentina, Colombia, Ecuador, Mexico, Peru, and Chile.
It allows cardholders to make purchases using stablecoins “at any merchant location that accepts Visa,” while merchants get paid in their local currencies.
Commenting on the announcement, Jack Forestell, Visa’s chief product and strategy officer, said in a statement: “We’re focused on integrating stablecoins into Visa’s existing network and products in a frictionless and secure way. Partnering with Bridge represents a significant move in helping to make stablecoins usable in everyday life, giving consumers more choice in how they manage and spend their money.”
Bridge CEO Zach Abrams also holds similar views about integrating stablecoins with traditional finance, stating that integrating stablecoins with Visa’s global payment network is a “massive unlock” for developers looking to build convenient crypto products.
“Everyone already knows how to use cards for payments, and now everyone will be able to use stablecoins with just a tap of their card,” he said.
One of the companies that were first to launch such a product is the digital payments company Baanx, which introduced USDC stablecoin cards with Visa.
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