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Investing.com – For some time now, payment service providers have been wondering how to take advantage of the benefits of blockchain technology. While SWIFT has already launched a first test and Paypal (NASDAQ:) has added some crypto features to its program, Visa (NYSE:) is also making a foray in this direction.
In a blog published on Monday, we learn that the company has been focusing in recent months on understanding the technology on which blockchains are based.
The first result should be the ability for users to settle their payments directly from their own wallets. It would therefore no longer be necessary to have a bank account when using VISA’s payment services.
VISA wants to fundamentally advance the development of the blockchain, because even recurring payments should in future take place automatically via a wallet. A function that does not yet exist at the blockchain level, because smart contracts can only process transactions, but not trigger them.
Head of Digital Currencies at VISA, Catherine Gu, said:
“If one of the main applications of blockchains is payment, the basic condition is that the blockchain must work as well as it does today, if not better. We want the opportunity to actively participate in technical developments of the crypto-ecosystem.
The best way to achieve this is to learn by being active and interested in Web3 frameworks and blockchain protocols. These are areas that I believe will be essential for payment traffic.”
By Marco Oehrl