Payment in cryptocurrency

Visa has announced that it will allow USD Cion, a cryptocurrency backed by a dollar, to be used for payments on its payment network. Visa has partnered with Crypto.com, a cryptocurrency transaction platform.

The world's largest payments company, Visa (V), on Monday announced support for USD Coin Stablecoin cryptocurrency as a new type of settlement currency in its payment network.

Stablecoin USD Coin (USDC) is a stable cryptocurrency whose value is directly linked to the US dollar.

Visa has partnered with Crypto.com, one of the world's largest cryptocurrency platforms its app allows you to buy, exchange, send and track the cryptocurrency.

In its press release, Visa said it plans to offer USDC settlement capability to additional partners later this year.

The move is very significant for Visa, given the high popularity of cryptocurrencies among the public and the incredible growth of fintech companies now using cryptocurrency and looking to transact using it.

Cryptocurrency services have already been introduced by Visa's main competitor Mastercard (MA), payment company PayPal (PYPL), major investment firm BlackRock, bank BNY Mellon and others.

Payment company Square (SQ) has invested more than $200 million in cryptocurrency. Global electric car leader Tesla (TSLA) invested $1.5 billion in bitcoin, the world's largest cryptocurrency. CEO Elon Musk said he plans to sell Tesla electric cars for bitcoins in the near future.

Crypto.com uses Anchorage's suite of application programming interfaces (APIs) to buy and sell cryptocurrencies for its customers using the Visa network.

More importantly, with API-Anchorage in place, Visa's next step could be to establish crypto services at traditional banks. Visa's share chart shows a picture of volatile trading since the beginning of 2021, but at the same time, the stock is up 26.4% over the past 12 months. Visa shares rose modestly in early trading on Monday.