Visa could add cryptocurrencies to its payment network

 

 


 

Al Kelly, P.-D.G. of Visa, is considering adding Bitcoin (BTC) and other cryptocurrencies to its payments network.

In December 2020, the payments giant partnered with Circle to bring the USD Coin (USDC) stablecoin into its network.

 

 

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Visa would be rather crypto-friendly


Speaking on his quarterly company earnings conference call, Al Kelly, P.-D.G. of Visa, says the company could directly support some cryptocurrencies.

The American company is already engaged in the sector through several partnerships with exchanges or wallet providers. Thus, the companies BlockFi, Crypto.com and Swipe already offer crypto cards stamped with the Visa brand. However, these “crypto-cards” work thanks to an automatic conversion of funds into crypto-currencies in dollar / euro.

Thus, the P.-D.G. Visa seems to want to take the next step by directly adding cryptocurrencies as a payment method to the Visa network.

Visa also said that stablecoins can be used for 'global commerce' and that cryptocurrencies running on public blockchains can be seen as networks in their own right. According to Al Kelly: “It goes without saying that as a specific cryptocurrency becomes a recognized medium of exchange, there is no reason why we cannot add it to our network, which already supports more than 160 currencies. '

 

 

A partnership with Circle


The company Visa has been active in the field of cryptocurrency payments for several years, either by forging partnerships or by financing companies in the crypto-blockchain sector.

In December 2020, the payments giant teamed up with Circle, one of the companies behind the USD Coin (USDC) stablecoin. The objective is to
allow card issuers to easily integrate sending and receiving payment in USDC.

Circle spokesperson Josh Hawkins said the deployment of USDC to the Visa network is expected to take place in 2021.

 

 

Source : CoinDesk

 


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