Visa will soon enable Brazilian banks to provide crypto services. Company officials confirmed that the payments giant is collaborating with several Brazilian crypto companies to offer crypto payment cards and hinted at the possibility of Bitcoin payments being integrated directly in the future.
The Vice President of New Business for Visa in Brazil, Eduardo Abreu, said the corporation is working on connecting traditional banks with cryptographic products through applications (APIs).
The bank says Visa's Crypto cash-back program has the potential to help conventional banks build stronger customer relationships.
In his opinion, "Brazilians already receive points, miles, and discounts on their cards. You can also receive cryptocurrency from a credit card, why not?"
Direct investment in crypto and ETFs will be possible through a banking platform via the company's website, eliminating the need for intermediaries, although the date for implementation has not been disclosed.
According to Visa, direct Bitcoin payments will be tested in the country. Thus, Bitcoin can be directly transferred from one account to another.
As opposed to most Crypto cards now, in which Bitcoin has to be exchanged for fiat money on the spot through an intermediary, this is a completely different approach.
Visa announced that it is partnering with several companies to design cryptocurrency payment cards. Rippio and Alterbank are among them.
There has been a rapid increase in Visa's use of crypto cards globally. Australian digital asset startup CryptoSpend received its Bitcoin spending card in July.