Big development for crypto payments! Visa partners with Solana, Worldpay, & Nuvei for fast USDC settlements
Visa joins forces with Solana, Worldpay, and Nuvei to boost USDC settlements, ushering in a faster and more cost-effective era for cross-border transactions.
Highlights
- Visa is teaming up with Solana to enable faster and more cost-effective USDC settlements
- Visa is working with payment giants Worldpay and Nuvei to streamline stablecoin payments for their extensive merchant networks
- Visa's move signifies its commitment to modernising financial systems for the Web3 era, enhancing cross-border settlement efficiency
Visa, the global financial powerhouse, is taking significant steps to solidify its presence in the world of cryptocurrency. Building on its prior collaborations with Crypto.com and Circle, which harnessed USDC and Ethereum for speedy settlements, Visa is now extending its support to Solana blockchain as per its press release.
This move is geared towards facilitating quicker and cost-effective transactions for clients seeking to leverage stablecoins.
Streamlined USDC transfers: Partnerships with Worldpay and Nuvei
Visa's latest venture involves the integration of Solana, a rapidly growing layer-one blockchain network capable of handling over 2,000 transactions per second. By teaming up with Worldpay and Nuvei, two prominent global payment processors, Visa intends to send USDC funds on chain.
These partners can then seamlessly route payments in stablecoins to their extensive network of merchants. Traditionally, cross-border settlements involve time-consuming fiat currency conversions, but stablecoin settlements offer a far more expeditious alternative.
Jim Johnson, President of Worldpay Merchant Solutions, highlights the importance of diversifying funding options and enhancing flexibility to cater to the evolving needs of global merchants in today's dynamic commerce landscape.
He said,
Diversifying funding options and increasing flexibility is critical to serving the changing needs of global merchants in today’s rapidly evolving commerce landscape.
A glimpse into Visa's vision for the web3 era
Visa's adoption of crypto-based settlement signifies its gradual modernisation of treasury and settlement systems for the web3 era. The company, in collaboration with its partners, firmly believes that stablecoins like USDC hold immense potential for near-instant settlements compared to traditional bank transfers.
Worldpay and Nuvei, as global acquirers with diverse merchant bases, are ideal partners for exploring these groundbreaking settlement capabilities. Their merchants are increasingly immersing themselves in the crypto economy, participating in activities such as NFT marketplaces, crypto on-ramps, and blockchain-based games, as stated in the press release.
Philip Fayer, Chair and CEO of Nuvei, underscores the cutting-edge nature of stablecoins like USDC as a payment technology that can empower online businesses worldwide to accelerate their growth.
Visa's strategic expansion into the crypto realm, coupled with its partnerships with Solana, Worldpay, and Nuvei, exemplifies its commitment to ushering in a new era of efficient and innovative cross-border settlements in the rapidly evolving financial landscape.
