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Tuesday, February 7, 2023

Visa Dreams Big

While cryptocurrency is often associated with anonymity and privacy, Visa has filed a patent that could make it easier for you to use your digital assets for everyday purchases. The company wants to build a system of automating bill payments through cryptocurrencies stored in virtual wallets. While the filing doesn’t specify any specific coins or platforms, it does name Ethereum, Litecoin, Bitcoin Cash, and XRP as examples of crypto assets that could be used to pay bills.

Visa To Launch New Project

Visa has filed a patent to create an electronic payment system that would allow users to pay bills with cryptocurrency. The patent was filed by Visa in June, and it describes the system as an automated method for converting crypto into fiat currency so that consumers can pay their bills using cryptocurrencies. This could be a way for Visa to remain competitive with other payment services like Venmo, which allows users to send money back and forth between themselves via app—and now also feature peer-to-peer payments in Facebook Messenger (although they’re only available in certain countries).

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Visa’s patent filing cites blockchain technology as one of these new services that will require more efficient payment systems in order to remain competitive. It also cites concerns about fraud, identity theft, phishing and other risks associated with traditional financial transactions made over the internet or through mobile apps—some of which are exacerbated by cryptocurrency wallets’ relative lack of regulation around security measures like two-factor authentication when compared with institutions like banks or credit unions that have been subjecting customers using their platforms since before most people even knew what cryptocurrencies were capable of doing today!

As with any new technology, cryptocurrency has challenges to overcome before it can be widely accepted. One of those hurdles is that not many people have access to cryptocurrencies, and even fewer merchants accept them.

Visa’s solution is this patent: to use the Visa network as a way of making crypto payments easier for all parties involved. If you’re paying with your crypto wallet on the Visa network, then your transaction will be processed by their infrastructure for you automatically.

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