Visa is also diving into the Crypto World
Payment company Visa has set itself the goal of taking advantage of the opportunities that new technologies and methods of transferring money offer. This was explained by his boss Alfred Kelly in the podcast of Fortune magazine.
Visa pursues a multi-layered strategy that includes bitcoin, other cryptocurrencies, as well as fiat-backed tokens and stablecoins.
“We’re trying to do two things. The first is to offer the 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 one of the 70 million points in the world that accept Visa, ”said Kelly.
The head of the company pointed to the great potential for the formation of cryptocurrencies as a means of payment, especially in countries with emerging economies.
According to Kelly, they work with 35 digital currency players.
Visa CEO suggested that cryptocurrencies could become “extremely widespread” over the next five years, but didn’t rule out the possibility of that interest falling.
Alfred Kelly introduced the company’s cryptocurrency strategy in a conference call with investors in January. It involves creating partnership agreements with wallet operators and exchanges. The top manager also allowed the use of cryptocurrencies as a payment option without converting them to fiat.
In December 2020 Visa connected its global network to USDC. Other plans include the issuance of a card that sellers of goods and services can use to directly accept stablecoin as a means of payment.
In February, the company began testing a number of application programming interfaces (APIs) that traditional banking customers can use to buy and sell digital assets.
Visa’s competitor Mastercard is pursuing a similar strategy in the crypto room. This year, this payment system is set to give merchants the ability to accept payments in digital assets directly, without the assistance of cryptocurrency card issuers or processors.
Mastercard relies on stable coins and national digital currencies and questions the suitability of Bitcoin for payments.
The head of another payment giant, PayPal Dan Shulman, promised to open up the possibility of using cryptocurrencies in settlements with one of the 29 million merchants “in the coming months”.