Visa is Diving Into Crypto World As Well
Payment company Visa has set itself the goal of taking advantage of the opportunities associated with new technologies and methods of transferring funds. This was stated by its head Alfred Kelly in the podcast of Fortune magazine.
Visa has a multi-pronged strategy that includes Bitcoin, other cryptocurrencies, and fiat-backed tokens and stablecoins.
“We are trying to accomplish two tasks. The first is to provide an opportunity to purchase the first cryptocurrency through accounts in the payment system. The second is to work with bitcoin wallets to transfer coins to fiat and spend them at any of the 70 million points in the world that accept Visa, “Kelly said.
The head of the company noted the great potential for the formation of cryptocurrencies as a means of payment, primarily in countries with emerging economies.
According to Kelly, they work with 35 digital currency players.
The CEO of Visa suggested that cryptocurrencies could become “extremely widespread” in the next five years, but did not rule out the possibility of a decline in this interest.
Alfred Kelly presented the company’s cryptocurrency strategy during a conference call with investors in January. It involves the creation of partnership agreements with wallet operators and exchanges. The top manager also allowed the option of using cryptocurrencies as a payment option without converting them to fiat.
In December 2020, Visa connected its global network to USDC. Further plans include the issue of a card, with the help of which sellers of goods and services will be able to directly accept stablecoin as payment.
In February, the company began testing a set of application programming interfaces (APIs) that will allow traditional bank customers to buy and sell digital assets.
A similar strategy in the crypto space is being pursued by Visa’s competitor, Mastercard. This year, this payment system plans to open up the opportunity for merchants to accept payments in digital assets directly, without the support of cryptocurrency card issuers or processors.
Mastercard relies on stablecoins and national digital currencies and doubts the suitability of bitcoin for payments.
The head of another payment giant PayPal Dan Shulman promised to open the possibility of using cryptocurrencies in settlements with any of the 29 million merchants “in the coming months.”