Global payments Giant, Visa is currently working on a protocol system as new announcement reveals. Additionally, this protocol will allow the transfer of digital currencies across multiple blockchains.
While making the statement In a new blog post, Visa notes that this new research paper is a concept they call “Universal Payment Channel” (UPC).
Furthermore, Visa explains the UPC as a central part that interconnects multiple blockchain networks. Notably, It will also facilitate a secure transfer of digital currencies.
“Think of it as a ‘universal adapter’ among blockchains, allowing central banks, businesses,…”
“…and consumers to seamlessly exchange value, no matter the form factor of the currency.”
More so, Visa goes on to express the importance for a UPC. For instance, noting that it will handle the huge number of digital currencies. Also, the importance of a unified network widely.
“As the number of digital currency networks increases – each with unique design characteristics – “
“..the likelihood that consumers, businesses, and merchants are transacting on…”
“…the same network and utilizing the same type of money decreases.
“…We believe that for CBDCs (central bank digital currencies) to be successful, they must have two essential…”
“…ingredients: a great consumer experience and widespread merchant acceptance…”
“…It means the ability to make and receive payments, regardless of currency,…”
“…channel, or form factor. And that’s where Visa’s UPC concept comes in.”
NFTs To Stand Out – Visa
Meanwhile, Visa’s recent purchase of a Cryptopunk, a popular non-fungible token (NFT) product shows their growing exposure on the digital asset space.
According to Visa, NFTs will stand out among multiple sectors of the global economy.
“We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce…”
“….To help our clients and partners participate, we need a firsthand understanding of the…” “…infrastructure requirements for a global brand to purchase, store, and leverage an NFT.”