Cryptocurrencies may be added to Visa’s payment network: CEO
Visa CEO Al Kelly said the payments giant is in a position to make
cryptocurrencies more “safe, useful and applicable” and may add them to the
company’s payments network.
“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 said.
“Today, 35 of the leading digital currency platforms and wallets have already chosen to issue Visa, including coin-based Crypto.com, BlockFi, 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.” He added.
Kelly described cryptocurrencies like bitcoin as “digital gold” which are not used as a form of payment in a significant way at this point.
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