- The payments platform is still committed to offering cryptocurrency payments and onramps for customers
- Visa which currently has over 70 million merchants is looking to make crypto payments accepted globally
- The payments giant is looking to favor stablecoins above conventional cryptos
Al Kelly, the chairman, and CEO of Visa has reaffirmed that the global payments platform is still committed to integrating crypto payments, as well as onramps, on its platform. Al Kelly shared the vision of Visa in a first-quarter earnings call.
Visa Users to Get Crypto Payments
In the first-quarter earnings call which was held on the last Thursday of January, the chairman of Visa explained that they are still committed to bringing crypto payments and onramps to their customers.
Visa is currently the largest provider of global financial services with over 1.14 billion active credit cards in the second quarter of 2020. The company has announced previous moves to integrate crypto payments, including introducing Coinbase as an approved member of the Visa family in February 2020.
In May, the payment giants also filed for a patent application for a digital currency. For a while, the trail seemed to go cold, until its partnership with Zap. Now, Al Kelly confirms that Visa is indeed actively pursuing integrating crypto payments.
Kelly explains that with the growing recognition cryptos are receiving, there is no reason not to add cryptocurrencies as a payment option on the platform.
On the Flipside
- Australia’s largest exchange, Independent Reserve will delist Bitcoin SV (BSV)
- The exchange made the announcement the project issued threats to Bitcoin developers
- BSV holders have been given six months to exchange or withdraw their BSV funds
Visa’s Long Term Plans
In the Thursday meeting, the CEO of Visa hinted at some of their long-term plans in the crypto industry. According to Al Kelly, Visa is uniquely positioned to help make cryptocurrencies more safe, useful, and applicable for payments.
The size, current integrations, market reach, and brand recognition are factors that will help Visa’s move into the market. Currently, Visa has over 70 million merchants in every country of the world.
In explaining cryptocurrencies as store-of-value coins, Kelly said that Visa will angle to serve as a fiat on-ramp. He states that;
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 further explained Visa’s approach to the cryptos and their plans to divide the market into two; digital currencies and cryptocurrencies. According to Kelly, this strategy will be similar to Visa’s approach to “connect closed-loop wallets such as Line Pay and Paytm.”
Visa Remains Bullish on Cryptocurrencies
The first section, which is cryptocurrencies, the CEO explained that they will be viewed as digital gold. These are those that are not typically used as a form of payment and are predominantly held as assets.
The second, are fiat-backed stablecoins. The payment giants take a more bullish stance on stablecoins which Kelly believes, at some point, will be used for global commerce much like any other fiat currency.
To smoothen the integration, Visa has partnered with 35 organizations that will issue the Visa cards. BlockFi, Bitpanda, crypto.com, and Fold are some of the digital asset platforms that will issue the cards.