Visa announces plans to work on a “Universal Payment Hub” featuring various blockchain networks
The product and research teams at Visa Inc. have come forward with an announcement. In an effort to keep up with the changing times, Visa is currently working on its innovative interpretation of cryptocurrencies. More specifically, they will be working on a system that will connect multiple blockchain networks together, making for impenetrable security.
At its core, Visa’s product will be doing much more than just connecting a cryptocurrency to an exchange and then to another website. Rather, they will be connecting entire blockchain systems together, removing the need for a specific loyalty towards cryptocurrencies. It will truly make cryptocurrencies as a whole universal currency.
In a statement, the company talked about what the product will look like in its final stages. They said that the customer should imagine that they are out with their friends to eat and now they have to split the bill. With Visa’s Universal Payment Hub, various customers using completely different cryptocurrencies will not have to bother with an exchange.
They also said that customers should imagine that each of their friends are using completely different types of crypto. Some might have stable coin tokens, whereas others might have CBDC tokens that do not work outside of their country. Either way, their choice of tokens will not stop them from enjoying their evening.
Visa has said in numerous interviews now that the main goal of the Universal Payment Hub is to become an all-in-one adapter. By connecting to all, or at least most, of the blockchain networks, this universal adapter will be able to securely exchange value from the central banks and businesses, regardless of what currency they use. All of this combines to ensure that you are always ready to pay, no matter what cryptocurrency you have on hand.
A lot of banks and financial institutions are working on their own cryptocurrency solutions. Even central banks from within certain countries are creating CBDCs: Central Bank Digital Currency. Therefore, there is a high chance that customers will not have the “right” cryptocurrency when buying something online.
But with a dedicated hub that can transfer the value of one cryptocurrency to another, customers will not have to worry about it. They can focus more on their shopping experience or what things to buy. It can help create a system where people will no longer need exchanges for cryptocurrencies, other than to buy or sell certain currencies.
Visa is possibly one of the biggest payment processing companies in the world. And their step into the crypto market only solidifies its legitimacy. However, they have yet to disclose a release date for the service, and most of the information is just speculation.