Visa CEO Up For Accepting Cryptocurrency, If Need Arises

CEO of leading international payment process, Visa, Al Kelly, in an interview with Mad Money‘s Jim Carter, expressed an avid interest in supporting and using digital currencies, provided there is a real demand and need to do so. He, however, believes that Digital currencies are not of an immediate threat to Visa. He said,

“If it goes in that direction, we will move in that direction,” the CEO said. “We want to be in the middle, Jim, of every payment flow in the world regardless of how it happens or what the currency is behind it. So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle.”

As to the difference between, fiat and cryptocurrencies, Fiat currencies are issued and backed by governments, lie, the U.S. dollar or the euro as oppose to cryptocurrencies, which are till date mostly considered to have inherent value.

He also noted that, in order for them and other similar services to be comfortable with using cryptocurrency, it would first have a market akin to that of fiat currency.

“if we actually think that crypto starts moving from being more of a commodity to actually really being a payment instrument.”

This lending credit card service could really make a huge difference to the crypto world if it decides to step into it. Adoption of digital currencies, into the main framework of the company, will provide platforms for the users to send or receive the given value when paying fees to the firm. Crypto users will also be able to transfer assets to each other directly, without having to additional fees to the “middleman – platform providing service.” However, as they themselves proclaim that they “want to be in the middle of every payment flow in the world”, it looks like as if, they will accept crypto only when its technology hits the mainstream.

Meanwhile, Coinbase and Circle, two of the leading names in the crypto sphere, recently revealed a collaboration to promote stablecoins which are USD backed digital coins, in an effort to make it a useful option when it comes to payment alternatives.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.