The multinational financial services company could connect cryptocurrencies to its payments network of over 70 million merchants globally, according to Visa’s CEO.
Visa, the world’s leading payment processor, could connect cryptocurrencies to its payments network with millions of merchants in its network and hundreds of millions of users.
On the Crypto Bandwagon, Visa Hops
Visa, the company of multinational financial services, could enter the cryptocurrency bandwagon.
The company’s CEO, Al Kelly, said that they are in a position to make cryptocurrencies more “safe, useful and applicable” in the company’s fiscal first-quarter 2021 earning call.
We see forms in this room that we can add distinct value to the ecosystem. And we believe that, through our global reach, our collaboration strategy and our trusted brand, we are ideally placed to help make cryptocurrencies more stable, useful, and applicable for payments. In two parts, we think of a crypto industry.
As the CEO of Visa called Bitcoin digital gold, this was where it got even more interesting.
Second, there are cryptocurrencies like Bitcoin that reflect new properties. Second, there are digital currencies that are directly funded by real fiat currencies, or secure coins. In that first chapter, we see all currencies as digital gold.
He went on to clarify that these are mainly kept at this stage as properties that are not used in a meaningful way as a form of payment. He also clarified that their plan will be to partner with wallets and exchanges to allow users to use their Visa credentials to buy these currencies to cash out on our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is globally accepted.
PayPal, Visa, Things Look Serious
Despite the regulatory obstacles that riddle the room, Visa is far from being the first company that considers cryptocurrencies as a legal payment method.
PayPal, the leading online payment processor, said last year that it will allow its clients to use fiat to store, purchase, and sell Bitcoin and other cryptocurrencies. The company did so by keeping true to its words and also saw its trading volumes skyrocket.
Indeed, 2020 was a successful year for the adoption of cryptocurrencies. We saw large public companies such as MicroStrategy, in addition to the above, placing BTC on their balance sheets, bringing institutional adoption to a new stage. Like it appears, maybe 2021 will be no different.