• Thu. Apr 18th, 2024

Visa CEO Accepts Crypto As the New Norm

Mar 19, 2021

The Chief Executive Officer of one of the globally renowned electronic payment provider, Visa, Al Kelly has come to believe that crypto is the new norm. Still thinks that at least 5 years’ time is required for crypto to fully merge within the present system and go mainstream. Tells that his company is looking to explore the possibility of inviting its 70 million + merchants/vendors to adopt crypto.

Visa – a provider of electronic payment mechanism – has been in the field when there was none. It was in fact the company to have introduced the concept of “electronic payment”.

Since its inception, Visa has grown into a giant organization which has over 70 million + vendors/merchants all over the world. However, against the number of Visa’s customers/clients, the number of its merchants/vendors is nothing and in billions.

Recently a podcast was published by Ellen McGirt and Alan Murray of Leadership Next on 16th March, 2021. In the podcast, Al Kelly, who is the CEO of Visa can be heard speaking about the leading cryptocurrency. He also talked about his company’s future strategy and initiative regarding Bitcoin and other digital currencies.

During the course of his interview, the interviewers posed a question to Kelly and asked him to share his thoughts on Bitcoin. Extending their question, the interviewers asked him in addition about his company’s strategy and its payment card relating to Bitcoin.

In response, Kelly answered the question elaborately and stated firstly that to him crypto can be divided into 2 halves. The first half he claimed that crypto is an asset but speculative one. In addition he commented that the other half belongs entirely to Bitcoin which to him is like digital gold.

Thereafter, Kelly explained that his company is currently looking at the possibility of Bitcoin purchase through its payment card. This is their utmost priority in the first phase, suggested Kelly.

In addition, he informed the interviewers that for quite some time, Visa is engaged in a project relating to Bitcoin. Through this project, the aim of Visa is to find ways how it can translate Bitcoin into physical currency. Once the task is achieved, then Visa will make sure that 70 million plus vendors are taken on board, said Kelly.

He informed that of course his company has future plans and initiatives to integrate crypto, especially Bitcoin. In this pursuit, Visa has established business ties with several established players in the field, told Kelly.

According to Kelly, there is no doubt that crypto, particular Bitcoin, is the new norm. However, he anticipates that a further 5 years’ time is required for crypto to become an integral part of the present system.

It is said that Visa wants to enter into fair competition with its traditional rival, which is known to be “PayPal”. However, PayPal had already integrated crypto within its mainstream system. PayPal is providing crypto custodial as well as crypto trading services.

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