Visa teams up with Bridge to facilitate everyday transactions using stablecoins
Hey there! Let's dive into some exciting news about Visa and Bridge teaming up to revolutionize crypto-backed payments.
Alright, so these two powerhouses in the financial world have plans to launch stablecoin-linked Visa cards, and their goal is to make transactions as seamless as a simple card purchase but using crypto.
To make this possible, fintech developers can integrate just one API to create Visa cards that are tied to stablecoin balances, making crypto spending a breeze. This partnership is like the dream collaboration for anyone in the crypto scene, offering a smoother entry into the world of digital currencies for everyday users.
The initial launch is happening in six Latin American countries - Argentina, Colombia, Ecuador, Mexico, Peru, and Chile. So, users will be able to pay with stablecoins at over 150 million Visa-accepting merchants around the world – Vinyl records, coffee shops, or online stores, you name it!
The process works by users funding their cards with stablecoins, and Bridge takes care of converting them into local currencies at the point of sale. Merchants, on the other hand, receive their payments like always, in their local currencies without any exposure to crypto.
Zach Abrams, CEO of Bridge, said it perfectly: "This is a massive unlock for developers." Now, spending crypto is as easy as a tap of your card – no more conversion headaches or complications!
Jack Forestell, Visa's Chief Product and Strategy Officer, is all about integrating stablecoins securely into Visa's global network, providing more financial options to consumers.
Developers will have full control over managing card issuance and funds movement programmatically, thanks to Lead Bank as their financial partner. The product might expand beyond Latin America to Europe, Africa, and Asia in the coming months, popularizing stablecoin-based payments globally.
Keep an eye out, as the partnership between Visa and Bridge sets a template for cross-border stablecoin adoption – especially in markets with volatile local currencies or underdeveloped banking infrastructure. With a phased rollout approach, the partnership could soon turn stablecoins into parallel payment rails functioning alongside traditional systems worldwide.
Stay tuned for more updates on this exciting collaboration! 🚀💳
- By collaborating, Visa and Bridge aim to launch Visa cards linked to stablecoins, enabling easier crypto spending.
- Developers can integrate a single API to create these cards, making it seamless for users to utilize crypto for transactions.
- The partnership will initially launch in six Latin American countries, enabling users to pay with stablecoins at over 150 million Visa-accepting merchants worldwide.
- Bridge will convert stablecoins into local currencies at the point of sale, allowing merchants to receive payments as usual, without crypto exposure.
- Zach Abrams, Bridge's CEO, described this collaboration as a significant breakthrough for developers, as crypto spending will be as simple as a card tap.
- Jack Forestell, Visa's Chief Product and Strategy Officer, is focused on securely integrating stablecoins into Visa's global network, providing additional financial options for consumers.
- With Lead Bank as their financial partner, developers will have full control over card issuance and funds movement programmatically, potentially expanding this program globally to Europe, Africa, and Asia.
