Visa Might Add Cryptocurrencies to Its Payments Network, Says CEO

Visa CEO Al Kelly said the payments giant remains in a position to make cryptocurrencies more “safe, helpful and appropriate” and might add them to the business’s payments network.
Speaking on the business’s financial first-quarter 2021 earnings call, Kelly explained cryptocurrencies like bitcoin as “digital gold” which are “not utilized as a form of payment in a substantial way at this point.”

“Our method here is to deal with wallets and exchanges to enable users to purchase these currencies utilizing 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 worldwide,” Kelly said.

The payments executive likewise stated stablecoins might be used for “global commerce” and that “digital currencies operating on public blockchains as additional networks simply like RTP or ACH networks.”

“Today, 35 of the leading digital currency platforms and wallets have currently 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 portion of that. And it goes without stating, to the degree a particular digital currency ends up being a recognized methods of exchange, there’s no reason that we can not include it to our network, which currently supports over 160 currencies today.”

Released at Sat, 30 Jan 2021 15:43:57 +0000

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