Stablecoins and CBDCs Have a Future in Payments: Visa CEO

Visa, the world’s largest credit card company, believes that crypto assets will have a future in the payment space.

He speaks at the annual communion Contact with shareholdersoutgoing CEO Alfred Kelly said so Stablecoins and central bank digital currencies (CBDCs) will have an “important role” in the payments space.

Kelly, who was due to leave Visa on February 1, said the company has “a number of initiatives underway” in the blockchain space.

“It is very early days, but we still believe that stablecoins and central bank digital currencies have the potential to play a meaningful role in the payments space,” Kelly explained.

Visa has been actively exploring the potential of blockchain technology and cryptocurrency in the field of payments. The company has invested in several crypto funds and companies.

“We have an immaterial amount of investments in crypto funds and companies as we seek to invest in the payments system,” Kelly said.

Despite the 2022 bear market, Kelly claimed that Visa’s balance sheet has not been hurt by its cryptocurrency investments.

We have not experienced credit losses associated with these failures […] In everything we do, please know that we are very focused on maintaining the integrity of the Visa payment system, the payment system in general, and of course our trusted brand reputation.”

Visa is exploring Blockchain technology to maintain a grip on payments

To maintain its dominance in the payments industry in the future, Visa is looking into the blockchain.

In September 2021, Visa goes live The blockchain interoperability project is called global payment channel (Union of Congolese Patriots). UPC goals To create a “web of networks” for private stablecoins and central bank digital currencies (CBDCs) to flow through various payment channels.

Furthermore, Visa is improving self-custody. In December, the company released a technical paper about Programmable payments For self-guarding wallets.

Visa is the world’s largest credit card company, with more than Three billion Visa-branded cards in circulation. Its card is the world’s most accepted credit card brand.

As the largest player in the credit card industry, Visa’s interest in blockchain technology and cryptocurrency is bullish for cryptocurrency. It’s also a sign that organizations believe in the underlying technology.

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