Visa reportedly looks to introduce “groundbreaking” crypto payment technology
By Bob Garcia
After initially balking at the idea of digital currency, Visa has had a major change of heart
Mastercard’s biggest competitor, Visa, does not want to be left behind in the implementation of cryptocurrency payment systems and, according to a recent Forbes interview, the company said that it is researching options for offline digital currency payments. The implementation of such a system involves several steps, including multiple technical challenges, according to the company’s head of crypto Cuy Sheffield.
“There are a lot of technical challenges around enabling this functionality in a secure manner. So, we are continuing to advance research on that front and we’ll hopefully have more to talk about in the coming year,” explained Sheffield. Another area of interest for Visa is the central bank digital currencies (CBDCs), which Sheffield claims is something that Visa has been working on lately as it is actively engaging with central banks on the topic. “We think that if a central bank is going to issue a CBDC, they will need to consider a number of the same factors that are facing private companies building tokenized stablecoins,” added Sheffield.
So far, one of the biggest challenges to adopt any CBDC is that it cannot function without the Internet or electricity, so its implementation and application become limited. In the meantime, senior vice president and global head of fintech at Visa, Terry Angelos, said that the company is working on adding more crypto-focused companies as their principal members. For instance, Coinbase, the largest crypto exchange in the US, starting to issue Visa credit cards without relying on third-party companies. “We are seeing significant interest in demand from crypto companies that want to work with Visa and connect their clients to our network of 60-plus million merchants,” asserted Angelos.