Visa May Add Cryptocurrencies to Its Payments Network, Says CEO

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Visa CEO Al Kelly stated the payments titan remains in a placement to make cryptocurrencies extra “safe, useful and applicable” and also may add them to the business’s payments network.
Speaking on the company’s fiscal first quarter 2021 earnings call, Kelly defined cryptocurrencies like bitcoin as “digital gold” which are “not used as a form of payment in a significant way at this point.”

“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,” Kelly stated.

The payments exec additionally stated stablecoins might be utilized for “global commerce” which “digital currencies running on public blockchains as additional networks just like RTP or ACH networks.”

Kelly included: “Today, 35 of the leading digital currency platforms and wallets have already chosen to issue Visa, including coin-based Crypto.com, BlackFi, 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’s no reason why we cannot add it to our network, which already supports over 160 currencies today.”

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