Visa, e-wallets and cryptocurrency

The Chief Ex­ecu­tive Of­ficer of Visa Pay­ment Sys­tems held a te­le­con­fe­rence with investors on the financial report for the first quarter of the fiscal year. In addition to the main topic of the conversation, Alfred Kelly made a statement that the company plans to strengthen security, as well as the expansion of transactions related to operations with cryptocurrency.

This means that Visa provides for the conclusion of partnership agreements with e-wallet operators and cryptocurrency exchanges. As a result, users of the payment system will be able to buy and sell cryptocurrencies and use them to buy common currencies of different countries. The company recently published a research report on offline payments involving government cryptocurrencies.

Nowadays Visa supports about 160 types of currencies and does not see any problems with adding a specific cryptocurrency to the list of digital units. But this will only be possible if it is a recognized medium of exchange.

The Chief Executive Officer of the company clarified the fact that there are two classes of digital assets for them. According to Kelly, bitcoin is digital gold. The CEO refers to the “new payment innovation” as digital currencies introduced by the country’s Central Bank – Central Bank Digital Currency – as well as stablecoins which are tied to the country’s ordinary monetary unit or its goods, due to which such cryptocurrencies are subject to fewer fluctuations, unlike their counterparts.

It is noteworthy that the CEO of the company admits the possibility of carrying out financial transactions in cryptocurrency without converting it into an ordinary currency.

It is worth recalling the fact that in November 2020, the largest deal for $5.3 billion between VISA and Plaid fell through, in which the payment system planned to acquire a fintech startup. The reason for this was an antitrust lawsuit by the US Department of Justice. According to experts, Plaid may become a significant competitor to Visa in the future, and its takeover by the payment giant will lead to the monopolization of the online debit payments market by the latter.

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