Giant global payments technology outfit is set to incorporate crypto payments services to its proffered products; this way retail consumers, institutions, banks, businesses, and even the governments can utilize crypto easily. The Chief Executive Officer of the payments company, Al Kelly, explained that VISA can ensure that cryptos are relatively more “safe, useful and applicable”. Hence the company may consider incorporating crypto payments services to their system.
The VISA CEO likened bitcoin to the digital gold while delivering a speech on the company’s fiscal first-quarter 2021 earnings call, however, he noted that the crypto is not yet a widely accepted means of exchange at least at this point in time.
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“Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally,”
The future goal appears to be for VISA to utilize digital currencies over blockchains just as the giant payment company processes already existing fiat currencies.
“Today, 35 of the leading digital currency platforms and wallets have already chosen to issue Visa, including coin-based Crypto.com, BlockFi, Fold and BitPanda. These wallet relationships represent the potential for more than 50 million Visa credentials. The next leading network has a fraction of that. And it goes without saying, to the extent a specific digital currency becomes a recognized means of exchange, there is no reason why we cannot add it to our network, which already supports over 160 currencies today.”
Kelly added that stablecoins can very well stand as a viable means of exchange for global commerce and that “digital currencies running on public blockchains as additional networks just like RTP or ACH networks.”
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