- Visa and PayPal are actively investing in stablecoins to enhance digital payments
- Stablecoins enable instant settlements and 24/7 transactions, reducing cross-border fees
- Industry leaders express optimism about stablecoins’ role in both B2B and retail markets
There was a time, not too long ago, when all the major national and international financial news outlets were saying that everyone would flee in panic. Especially Visa and PayPal, which had begun to take their first concrete steps in the sector in 2022.
Visa and Paypal at the DC Fintech Week
Things, as we had anticipated, have gone differently. Visa and PayPal are now very active players in the industry, and this commitment was reiterated at DC Fintech Week.
Within the event dedicated to digital payments, they emphasized their commitment to promote the sector and also to the adoption of stablecoins to simplify and make the payment market more efficient.
Regardless of what they later said—something we’ll see shortly—the first point is to always take with a grain of salt what the press predicts. In fact, from a certain press.
Speaking were Cuy Sheffield of Visa, who within the payment giant serves as the head of the crypto division, and also Jose Fernandez de Ponte, who is the CEO of PayPal Digital.
Both expressed great satisfaction with the use of stablecoins, tools that were once— as they themselves pointed out—part of only cryptocurrency trading and are now already essential for the development of solutions for both B2B and small retail users.
Stablecoins, as is known, allow for payments where settlement is immediate or almost immediate, enabling transactions 24 hours a day, 7 days a week, and also reducing costs, especially when it comes to transfers between different countries, which today are burdened with costs and fees, as anyone who has used the SWIFT channel knows.
Also in terms of UX—and thanks to the efforts of these companies—much is being done to advance the sector. Many services are emerging—just think of PYUSD from PayPal, which is a crypto stablecoin—and more will continue to emerge.
Conclusion
In conclusion, Visa and PayPal are demonstrating a strong commitment to the stablecoin sector, transforming the landscape of digital payments.
With the adoption of these technologies, a more efficient and accessible future for transactions is expected, both in the B2B market and among retail users.
Continuous innovation and a focus on user experience will undoubtedly lead to further developments in the field of cryptocurrencies and digital payments.
