Visa, a giant in digital payments, has taken a decisive step towards modernization and efficiency. By integrating the Solana blockchain into its settlement system, the company is setting new standards in the financial industry. But what does this mean specifically for consumers, merchants, and the crypto world in general? Let’s take a deeper dive.
Starting with a pilot with Crypto.com, Visa has expanded its ability to process stablecoins like USDC. By partnering with merchant acquirers Worldpay and Nuvei, Visa has opened the door to more efficient and cost-effective processing. The live pilots have already moved millions of USDC between its partners across the Solana and Ethereum blockchain networks.
To the end user, the payment process may seem simple and seamless. But behind the scenes, it’s a complex operation that handles billions of transactions daily. Visa’s treasury and settlement systems play a critical role in moving funds between nearly 15,000 financial institutions in more than 25 currencies worldwide.
Read more about the partnership between Visa and Solana and find the latest financial news of the day with the Born2Invest mobile app.
Why Solana? The Technical Advantages
Solana was not chosen at random. The blockchain is known for its high performance, with 400 millisecond block times and an average capacity of 400 transactions per second (TPS). These characteristics make it ideal for processing transactions quickly and efficiently, a key factor in Visa’s decision.
Impact on merchants and acquirers
The integration of Solana and stablecoins like USDC offers new opportunities to merchants and acquirers like Worldpay and Nuvei. They can now process settlements faster and more efficiently, which is especially important for businesses operating in the blockchain and crypto economy.
Visa’s decision to use Solana for settlement could have far-reaching implications for the financial world. It could be the beginning of a new era in which blockchain technology and cryptocurrencies play a central role in global financial infrastructure.
The partnership between Visa and Solana is more than just a technological innovation; it is a sign of the change that is happening in the financial world. With this development, Visa is setting a new standard for efficiency and innovation in payment processing. It’s an exciting time to watch developments in this rapidly changing ecosystem.
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First published in BLOCK-BUILDERS.DE. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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