Walmart and Amazon are looking to create stablecoins, a kind of cryptography, people who are familiar with the company’s plans.
According to a report from the company hopes to save high volumes of cash and card transactions on their costs Wall Street JournalCoins can limit costs and transfer money to retailers immediately.
Stablecoins are used to store cash or buy other encryption signs. The coins are supported by the treasures and have a one -to -one exchange ratio with dollars or government currencies.
However, in order to implement the payment method, the lawmakers must pass the genius law, part of the law that aims to create a regulatory framework for Stablecoins. The law must be passed by the Senate and the Senate.
A business group is lobbing members of Congress to pass the law. The regulatory framework for Stablecoin, a trading coalition, said in the negotiations that it would allow merchants to use alternative payment methods that could reduce significant costs.
The news on Friday reduced the visa and master card shares by about six percent. The visa was the worst presenter in Dow Jones and S&P 500 near noon.
However, it is unclear that the competition between coin makers and banks will be beneficial. Walmart is a lobby to enable reforms to introduce more competition in the credit card sector.
Resources said airlines and other companies, such as the Expedia Group, are trying to implement the payment system.
It is still unclear how the country’s largest banks respond to the movement of two large retailers.
Cryptocurrencies become more popular, and about six percent of the population have a digital coin.
A person familiar with Amazon’s ongoing discussions said that the company’s plans are in the early stages, but there are talks about the potential use of Stablecoins abroad.
“Pressure on urgent payments is inevitable and shows a risk for a visa and a master card,” the newspaper reported.
