Visa is testing transfers to the blockchain

Visa Europe recently expressed great interest in the Bitcoin blockchain. The credit card giant now wants to find out how far the technology for the processing of money transfers can be used. While most like-minded companies have so far carried out such tests on a for non-public and parallel test blockchain, Visa Europe Collab Innovation Partner Jon Down Ling plans to launch the test live on the active Bitcoin blockchain.

In an interview discussed Downing and the CEO of blockchain Partners Epiphyte the initiative in detail. Thus, the payments from the Epiphyte environment to be transferred across borders and using the Bitcoin blockchain directly to Visa devices. Notably, Visa launches the test in the remittances sector. It is precisely this sector could be strongly influenced by the emerging blockchain technology.

To date, however, doubt big names of the industry, that Bitcoin is the traditional cash transfers to outdo due to lower fees. Including MoneyGram and Western Union. Downing says also that Visa Europe currently takes in more detail and the Internet of Things and new technologies from the retail sector under the microscope and the bitcoin blockchain focus is especially in the focus of the researchers.

Today, as Downing, Visa will first of all find out if the blockchain can speed transactions and the company in the future offers more possibilities. The next step is now a live trial with 10 real subjects of England.

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