August 17, 2022

VISA Might Add Cryptocurrencies to Its 70 Million Merchants Network

2 min read

Visa, the world’s leading payment processor with millions of merchants in its network and hundreds of millions of users, may include cryptocurrencies to its payments network.

Visa Jumps on the Crypto Bandwagon

Visa, the multinational monetary services corporation, may be signing up with the cryptocurrency bandwagon.

In the business’s financial first-quarter 2021 earning call, the CEO of the company, Al Kelly, said that they are in a position to make cryptocurrencies more “safe, useful, and suitable.”

In this area, we see ways that we can include separated worth to the community. And we believe that we are uniquely placed to assist make cryptocurrencies more safe, helpful, and applicable for payments through our global existence, our collaboration approach and our trusted brand. We think of the crypto market in 2 sectors.

This is where it got back at more fascinating as the CEO of Visa called Bitcoin digital gold.

Initially, there are cryptocurrencies that represent brand-new properties such as Bitcoin. Second, there are digital currencies or stable coins that are directly backed by existing fiat currencies. We see all currencies because first sector as digital gold.

He went on to discuss that these are “predominantly held as properties that are not utilized as a form of payment in a significant method at this moment.” He likewise explained that their technique would be to work with wallets and exchanges “to make it possible for users to buy these currencies utilizing their Visa credentials to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted internationally.

Visa Building. Source: EventMarkerer

Visa Building. Source: EventMarketer Visa, PayPal, Things Are Looking Serious

Visa is far from being the first company that eyes cryptocurrencies as a genuine payment method, in spite of the regulative hurdles that riddle the area.

In 2015, PayPal, the leading online payment processor, stated that it will allow its clients to hold, buy, and offer Bitcoin and other cryptocurrencies utilizing fiat. Remaining real to its words, the business did so and even saw its trading volumes increase.

Certainly, 2020 was a great year for cryptocurrency adoption. Besides the above, we saw huge public companies such as MicroStrategy put BTC on their balance sheets, pushing institutional adoption to a new level. As it appears, 2021 will perhaps be no various.