In an interview for the Fortune’s Leadership Next podcast, Visa CEO Al Kelly reveals her efforts to incorporate Bitcoin into their payments platform.
They plan that millions of customers worldwide will be able to trade BTC but also convert these funds into fiat. Kelly claimed:
We’re trying to do two things. One way is to enable the purchase of Bitcoin using Visa credentials. Second, working with bitcoin wallets so that bitcoin can be converted into fiat currency and thus instantly used in any of the 70 million places around the world that accept Visa.
Visa’s long-term goal is to build a bridge between Bitcoin owners and more traditional payment methods. Kelly believes that stable coins have “strong potential”. He claimed:
(…) Currencies that are covered by fiat, but we allow this conversion, if you will, into a fiat currency and into a wallet with a Visa card in it. This Visa card can also be used with the converted digital currency to the fiat currency to shop at one of our 70 million locations.
Bitcoin over the Visa network
Visa CEO announced that they are working with 35 partners in the crypto industry to achieve their goal. Their partners include Circle, the company behind USD Coin (USDC), BlockFi, Fold, and others.
Kelly claimed BTC was still in its infancy so he wasn’t sure if cryptocurrencies “take off and become a big deal”. However, Visa plans to be at the center of the crypto industry to “move the money”. At the same time, the executive outlined a possible future in which there are no winners and losers between the Visa or Bitcoin network.
The managing director of the payment company sees Bitcoin as a solution for the companies affected by the Covid 19 pandemic, especially for the travel industry. With the declining cash consumption, Visa wants to accelerate the “digitization of the economy”. Over the next three years, Kelly will try to “digitize” 50 million small businesses.
In mid-2020, Visa released its first report directly mentioning BTC, revealing their efforts to further develop their approach to digital currency. Ultimately, the payment company’s vision is for every transaction to be processed across multiple blockchains across Visa’s network.
We continue to view Visa as a network of networks. […] Blockchain networks and stablecoins like USDC are just additional networks. We therefore believe that Visa can add significant value to our customers by being able to access them and spend money with our merchants.
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