Visa Inc. is now working to make its entry into the cryptocurrency business to capture the business opportunity and become the mainstream payment mode. Al Kelly, Visa CEO, opted for a discussion regarding the credit card company’s strategy for crypto in a podcast. He also talked about the plans of this company regarding digital currencies.
“We’re trying to do two things. One is to enable the purchase of bitcoin on Visa credentials. And secondly, working with bitcoin wallets to allow the bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted.” Kelly said.
Early in February, Visa announced its partnership with First Boulevard, which works as a digitally native neobank. It is more focused on building generational wealth for the Black community. First Boulevard is going to be the first to pilot this new suite of Visa of crypto APIs. It is going to enable their customers to purchase, custody, and trade the digital assets, which are held through Anchorage.
According to Jack Forestell, the chief product officer of Visa, it is all set to make Visa the bridge between the global network of 70M merchants and digital currencies. They are now the leading networks for crypto wallets, along with 35 crypto platforms that are going to issue with Visa.
Along with this pilot program, they are thinking of extending the value of Visa to neobank and financial institution clients. They are going to provide an easy bridge to crypto-assets, along with blockchain networks.
According to Kelly, there is a very “strong potential” for cryptocurrency to become a new vehicle for payments. This is particularly going to emerge in the market. These are fiat-backed currencies. However, they are allowing for these translations if you are going to opt for a fiat currency and have a wallet where there is a Visa card. Again, a Visa card can be used with the translated cryptocurrency over the fiat currency to purchase at any of their 70M locations.
Mastercard has also announced its crypto strategy in February, saying that it was going to support selected cryptocurrencies on their network directly.