Visa Inc. The research and product teams announced on Thursday that they have developed a new concept called the “Universal Payment Channel” that connects multiple blockchain networks for the secure transfer of digital money.
This new project designed will allow everyone to pay for products, regardless of the cryptocurrency used, and will automatically convert the value of the cryptocurrency to the currency of the original value of the product during payment.
According to Visa, the goal of the project is to be at the heart of various blockchains and to be a “universal adapter”, thus allowing secure exchange of value for central banks and businesses regardless of currency type.
Although the increasing interest of central banks in cryptocurrencies seems to be a positive development for the crypto money world, on the other hand, there are losses due to delays in currency and coin conversions and exchange rate differences in shopping with crypto money. If this new project by Visa is used effectively, the marketplaces will be able to make the products they sell available for sale through this payment channel. Thus, customers will be able to buy the products they want to buy in any currency or crypto currency, and Visa will calculate this payment over the instant value and there will be no loss of value to the seller’s account.
It is expected that there will be a high interest in such a system in order to use the increasing interest in cryptocurrencies globally in commerce and on the institutional side, and to ensure higher customer satisfaction in these uses. Visa stated that it has been working to change this system since 2018 and that it is working with many different merchants and crypto companies to make this work more effective.
With the UPC system, Visa hopes to provide greater accessibility and easier exchange of value for different types of digital currencies to more banks, merchants and businesses, regardless of whether transactions originate from its network or not.