You are here: HomeAfricaBBC2021 03 29Article 1218619

BBC Pidgin of Monday, 29 March 2021

Source: bbc.com

How to make payment wit cryptocurrency from your Visa card

Visa Inc tok on Monday say e go allow di use of di cryptocurrency USD Coin to settle transactions on dia payment network.

Dis move na di latest sign of growing acceptance of digital currencies by di mainstream financial industry.

Di company tell tori pipo for Reuters say e don launch di pilot program wit payment and crypto platform Crypto.com

Dem tok say dem get plans to offer di option to more partners later in di year.

Crypto.com say dis na historic moment to successfully conduct di first settlement of transactions using USDC.

Di USD Coin (USDC) na one stablecoin cryptocurrency wey dem don peg di value directly to di U.S. dollar.

How cryptocurrency transaction go work wit Visa Card

Traditionally, if one customer choose to use a Crypto.com Visa card to pay for anything, dem go first convert di digital currency wey dey in cryptocurrency wallet to traditional money.

But now, di cryptocurrency wallet go deposit traditional fiat currency inside one bank account, dem go come later wire am to Visa at di end of di day to settle any transactions, and dem go add cost and complexity for businesses.

Visa latest step, wey go use di ethereum blockchain, go comot di need to convert digital coin into traditional money in order to settle any transaction.

Visa say dem don partner wit digital asset bank Anchorage and complete di first transaction dis month — wit Crypto.com sending USDC to Visa Ethereum address for Anchorage.

Dis Visa move dey come as finance companies including BNY Mellon, BlackRock Inc and Mastercard Inc dey take steps to use more of cryptocurrencies for investment and payment purpose.

Tesla Inc boss Elon Musk, wey be ogbonge advocate of cryptocurrencies, tok last week say customers fit buy im electric cars wit bitcoin, dey hope to encourage more day-to- day use of di digital currency.

"We see increasing demand from consumers across di world to be able to access, hold and use digital currencies and we dey see demand from our clients to be able to build products wey dey provide dat access for consumers," Cuy Sheffield, head of crypto for Visa, tok.

Join our Newsletter