The Visa CEO has spoken about future projects for cryptocurrency payments during an online conference on the company’s financial pursuits for the opening quarter of 2021.
In his address, Alfred Kelly announced that the firm is prepared to make cryptocurrency payments more secure and more popular by working with the firm’s long-term partners.
Visa intends to work with wallet service providers and crypto exchanges so that users can acquire crypto assets, he stated. Furthermore, the company plans to provide users with the capacity to cash out and make acquisitions in fiat currency by utilizing cryptocurrencies.
Kelly also expressed Visa’s stance on digital assets. Currently, the company differentiates two classes of virtual assets: such like Bitcoin, which represents a “digital gold”, and such that are backed by fiat currencies, referring to both stablecoins and digital currencies that are issued by the central banks. He called the second group “a modern payment invention with potential for global trade.”
Kelly also stated that the company can deliver the ability to use cryptocurrency as a payment method without first converting it into fiat currency when conducting payments.
“It is obvious that if a certain digital currency becomes an established medium of exchange, there is no excuse why we cannot add it to our portfolio, which already maintains over 160 currencies,” noted Kelly.
In the summer of 2020, Visa announced plans to intensify its efforts to “form and sustain the position of cryptocurrencies in the future of money,” and later in December, the corporation offered an offline payment method in government-issued cryptocurrencies.
