Visa said it will allow the use of a cryptocurrency called USD coin to settle transactions on its payment network, the latest sign of growing acceptance of digital currencies by the mainstream financial industry.
The financial services industry, braced for what could be its biggest disruption in decades, is about to get an early glimpse at the Federal Reserve’s work on a new digital currency.
The Covid-19 pandemic has accelerated the adoption of e-commerce in a way no company could have imagined. Investors will find no shortage of newly energised investment opportunities. By Gerrit Smit.
Pick n Pay now allows customers to deposit money directly into their own bank accounts at till points thanks to a partnership with Mastercard, Visa and Absa.
The Facebook executive responsible for the embattled cryptocurrency said he doesn’t fault companies that pulled out of the project, adding that he’s optimistic more organisations will sign on.
Facebook’s effort to create a cryptocurrency was dealt a blow on Friday after several key partners, including Mastercard, Visa, eBay, Stripe and Mercado Pago, abandoned the project.
Two US senate Democrats are urging three payment processing companies to reconsider their involvement with the libra cryptocurrency project envisioned by Facebook and a coalition of other groups.
Four payments companies that have joined Facebook as founding members of the Libra Association are wavering over whether to officially sign on to the cryptocurrency project.
Visa, Mastercard and PayPal may have boosted the single, greatest risk they face – that of tougher regulation – by becoming early backers for Facebook’s new digital money, called libra.
Facebook is to launch a cryptocurrency next year – backed by the likes of Mastercard, Visa and PayPal – which will allow people to move money from their smartphones.