Today Visa announced that they’ve settled their first payment on a blockchain. This makes Visa the first payment provider to settle a payment outside of the existing banking system.
The payment settled was in USD Coin, a cryptocurrency that always holds its value at $1 US Dollar.
This was very small step for Visa, but a very big step for the future of money.
In a not too distant future, anyone in the world will be able to store all of their money on blockchains, manage their funds with a phone (think Bitcoin like savings, USD Coin like checking), and use their trusty Visa card to pay for their morning cup of joe.
No banks required.
Banks are at risk of closing as cryptocurrencies gain traction. Innovations like this prevent Visa from the same fate.