What’s new from Visa? Recent company updates overview
Visa payment system is not behind in development of fintech and even more — is at the forefront of innovation. Based on the latest news, we can confidently say that the constant disputes with the US government and Europe do not affect the company's initiatives, and its expansion is growing.
Very recently, Visa announced the acquisition of Featurespace, company that has been developing fintech solutions for over 12 years. Now, payment system is interested in their new development — a tool for combating payment fraud based on artificial intelligence. The detailed algorithm of its operation is not disclosed, but it is certainly based on analysis of patterns and calculation of potential fraud risks for each individual transaction. Given the high risk of payment fraud today, such an acquisition is justified and not surprising. Real-time fraud detection can significantly enhance security of payment systems, as the analysis of historical data does not always provide the opportunity to influence the situation fast and react timely to prevent significant losses.
In the meantime, Visa has released a platform that will allow issuance of stablecoins for banks. Using this platform, banks will be able to create their own stablecoins and manage them. The trend towards stable tokens tied to real money has been dominant among fintech for several months now. Among those who have managed to launch their tokens are Revolut, PayPal, Mercado Pago, and Circle. Companies fulfilled the need to create a token that will mitigate volatility of crypto market and provide users with advantages of standard money. Since even experienced cryptocurrency users note the negative factor of high volatility of some coins, making them unsuitable for savings or low-risk investments. Currently, two-thirds of the stablecoin market is occupied by Tether, whose coin USDT has become the most in-demand in the world. But due to regulations that are being implemented in various countries, Tether's position will decrease, and each fintech is aiming to occupy the niche. Thus, Circle, the creator of USDC, rushed to comply with the European MiCA regulation to be the first on this market.
How convenient it will be to use these new stablecoins and how they will interact with each other is not yet fully known, but this question is on the surface. We will continue to follow the events and keep you updated on fintech news on the pages of Mono Talks.
