Visa to Enable Crypto Purchases With Credit Card, Bitcoin (BTC) Service Strategy on Cards

By Bhushan Akolkar
March 17, 2021 Updated March 17, 2021
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Visa is making important moves ahead to get closer to the rapidly evolving crypto payments industry. In the latest podcast with Fortune’s Leadership Next, Visa CEO Al Kelly talked about the company’s plans on digital currencies. The payments giant hinted that the company might soon initiate the facility to make crypto purchases via credit cards. During the interview, 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.”

In the interview, Kelly further noted that cryptocurrencies could potentially become the new payment vehicles, especially in emerging markets. On the other hand, Visa has been putting an increasing focus on the use of stablecoins.

During the podcast, Kelly said that is currently working on a multi-pronged strategy covering Bitcoins, Altcoins, as well as stablecoins.

Visa is Working With Multiple Partner to Expand In the Cryptosphere

Visa has formed some important partnerships in recent times. Last month, Visa joined hands with Kansas-based digital bank First Boulevard, to create a pilot API that will help Visa to integrate Bitcoin and crypto.

On the other hand, Visa is also forming important partnerships to support different stablecoins. Last year, Visa entered a partnership with Ethereum-based stablecoin U.S. Dollar Coin [USDC]. During the recent podcast interview, Kelly also stressed integrating stablecoins on their platform. He said:

“These are currencies that are fiat-backed, but we’re allowing this translation, if you will, into a fiat currency and in a wallet where there’s a Visa card and again that Visa card can be used with the translated digital currency over to the fiat currency to purchase at any one of our 70 million locations”.

Visa rival Mastercard has already started working on its plans of integrating crypto payments. However, last month, Visa Vice-Chairman said that Bitcoin is too volatile to be a part of its crypto payments system.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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