Daily Management Review

Visa is working on a digital currency transfer project


US payments system Visa is working on a 'Universal Payment Channel' (UPC) designed to enable interoperability between different blockchain networks for the transfer of stablercoins and central bank digital currencies (CBDC), according to the company’s press release.

"Visa's research and development department is working on a new concept.... We call it the Universal Payment Channel (UPC), and it works as a hub that connects multiple blockchain networks and enables the secure transfer of digital currencies," the statement reads.

The UPC project solves the problem of interconnectivity by establishing dedicated payment channels between blockchain networks, the company said. It notes that CBDC networks between countries or CBDC networks with verified private stackcoin networks can be connected in this way.

In this way, UPC will serve as a "universal adapter" between blockchains, allowing central banks, companies and consumers to make transactions regardless of the form factor of the currency, the company notes.

Visa is a global payment system that provides cardholders, merchants, financial institutions and governments with access to an electronic payment network.

source: cnbc.com