Visa chairman and CEO Al Kelly endorsed a commitment to crypto payments and upgrades, as well as said how Visa considers crypto in general.
The financial services firm has been insistently pursuing crypto payments as of late and through partnerships allowing crypto debit cards. Furthermore, this month Visa was compelled to cancel a $5.3 billion purchase of payments platform Plaid on antitrust bases.
Visa still has long-term plans in the sector, and that the company considers itself to be in an exceptional situation to pursue them. The company states that they are uniquely positioned to help make cryptocurrencies more safe, useful and applicable for payments.
Visa groups blockchain assets into two types: cryptocurrencies that represent new assets such as Bitcoin and serve as a store-of-value, and stable coins that are directly backed by existing fiat currencies which are more regularly utilized for payments.
Visa’s strategy 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.
Visa is taking a much stronger attitude towards stablecoins, however, calling the cryptocurrencies an emerging payments innovation that could have the potential to be used for global commerce, much like any other fiat currency.