The company "Visa" is working on digital wallets that enable the conversion of Bitcoin into fiat currencies
Alfred Kelly, CEO of Visa, a provider of financial payment services, explained the company's plans to work on Bitcoin wallets that could convert Bitcoin into fiat currencies.
The clarification of "Kelly" came to mean:
We are trying to do two things.
- One of them is enabling Bitcoin purchases using Visa credentials.
- Second: Working with Bitcoin wallets to allow Bitcoin to be converted into paper currency and thus can be used immediately in any of the 70 million places around the world where Visa cards are accepted.
The company "Visa" already has partnerships with a number of entities and cryptocurrency companies that issue cards using the "Visa" system for payments and transactions related to cryptocurrencies.
Mr. Jacques Forrestle, Visa Chief Product Officer, stated:
We have set out to make Visa a bridge between digital currencies and our global network of 70 million merchants.Today we are the leading network of cryptocurrency wallets with 35 cryptocurrency platforms choosing to issue their cards with VisaThrough the presented pilot program, we want to expand the value of Visa to our clients from new banks and financial institutions by providing an easy bridge to crypto assets and blockchain networks.
With the growing awareness surrounding cryptocurrencies, the company is looking to outperform other competitors in being the ultimate backbone of cryptocurrency payment and related services.
MasterCard is also ramping up its plans to test this path as both financial giants are already providing massive support for blockchain and cryptocurrency innovations.
For its part, MasterCard owns a number of patents, including the patent for a device billing system compatible with the Iota Tangle Network.
Both Visa and MasterCard are striving to be part of the impending revolution that the cryptocurrency ecosystem is bringing to the global payment system.