Visa Inc. is preparing its network to handle the direct processing of bitcoin payments.
United States, March 17, 2021 /AlexaBlockchain/ – Visa Inc. is planning to enable Bitcoin across its global payment network of over 70 million merchants. Visa Inc is working to enter the cryptocurrency business to capture the business opportunity of becoming the mainstream payment vehicle.
- There are currently 35 digital currency platforms and wallets that are available to Visa users.
- Visa CEO Kelly said that there’s a “strong potential” for cryptocurrency to become new payment vehicles, particularly in emerging markets.
- Visa will enable Bitcoin to be translated into a fiat currency in a wallet where there’s a Visa card. Visa users can make payment across 70 million locations with the translated digital currency
- Mastercard had also announced in February saying that it was going to enable crypto on its payment network.
Visa CEO Al Kelly discussed the credit card company’s crypto strategy in a podcast with Fortune’s Leadership Next where he talked about the company’s plans on digital currencies.
Discussing the Bitcoin strategy, Kelly said:
“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.”