Popular paymaster, Visa has extended its stablecoin settlement support to the Solana blockchain. To further perfect the innovation, Visa is presently working with merchant acquirers, Worldpay and Nuvei. The payment merchant, through an official blog post, indicated that the development is the required step in advancing its cross-border payment system.
Meanwhile, before making the move public, the paymaster already carried out pilot programs to test the efficiency of the initiative. With the pilot program, the payment merchant revealed that it had transferred millions of USDC on the Solana and Ethereum network between some of its partners. In addition, the program has aided Visa in testing the efficiency of its new project to settle fiat-denominated payments.
Furthermore, Visa Head of Crypto, Cuy Sheffield provided more details about the innovation. The executive indicated that leveraging the support of blockchain networks like Solana will help enhance the speed of Visa’s payment settlement. Additionally, Cuy Sheffield emphasized the paymaster’s efforts in becoming a force to reckon with in the virtual assets landscape. According to the Head of Crypto, Visa will continue to embrace emerging technologies to improve payment settlement.
It is worth mentioning that the recent development surfaced shortly after the paymaster an initiative that allows users to pay gas fees with debit cards. According to a Binbits report, on August 11, 2023, Visa leveraged the ERC 4337 standard to introduce account abstraction on Ethereum. With that, third parties can provide support for users to pay gas fees on the Ethereum network using their debit card.
The growing presence of Visa in the crypto space
Since Visa has ventured into the crypto space, the payment giant has introduced gaming-changing innovations. On December 20, 2022, a Binbits report indicated that Visa is exploring ways of introducing an auto-payment feature for self-custodial wallets. Likewise, in March 2022, the payment merchant availed NFTs for small business owners to enhance their performances. Visa with the program intends to support music, fashion, and film entrepreneurs.
In recent times, Visa has intensified its efforts in the crypto space by introducing various initiatives. The payment merchant shifted focus to the crypto space due to the fast-growing popularity of the virtual assets space. In 2022, the payment firm introduced a host of projects to establish its presence in the crypto space. Similarly, in 2023, the focus hasn’t changed either Visa has continued from where it stopped in the previous year.