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'Digital Gold': Visa Gambles Heavily On Cryptocurrency - TCR

Finance

www.thecoinrepublic.com 30 April 2021 05:18, UTC
  
Reading time: ~4 m

  • VISA now caters to the use of crypto within its network
  • VISA CEO describes crypto as ‘digital gold’

The financial services giant VISA (V) recently expressed their interest in cryptocurrencies as they are now catering to transactions using digital money. PaymentSource reported, the company’s CEO – Alfred F. Kelly Jr. even revealed the ways as to how they’d be working with both crypto and central bank digital currencies.

‘Digital gold’

On April 27, VISA held its Q2 2021 Earnings Conference Call were Kelly stated that both crypto (i.e. Bitcoin) and digital currencies (CBDCs) are “digital gold” and an emerging payment option respectively. 

Additionally, the CEO mentioned several opportunities the company is seeing with the these two:

· Providing its financial partners with crypto options

· “The conversion of a digital currency to a fiat on a VISA credential”

· The ability for their users to purchase crypto through their cards

· Talks with central banks regarding public-private partnership options

· A bump with VISA’s infrastructure that allows financial institutions “to settle with VISA” through the use of stablecoins.

Kelly stated that “this is space that we are leaning into in a very, very big way” and believes the they are “extremely well-positioned.”

Mastercard also making some moves

Also, it may well seem that Mastercard (MA) is heading the same path as VISA’s as the payment firm will be rolling out credit cards that will give its users rewards in the form of digital currencies whenever they make transactions. This was made possible through the firm’s partnership with Gemini – a U.S. cryptocurrency exchange.

Reuters noted that cardholders – starting this summer will be receiving up to three percent in either Bitcoin (BTC) or other cryptocurrencies on their purchases. These digital currency rewards will then be deposited to the cardholder’s Gemini account. Further, it was stated that these cards will be released by the Utah-based digital lender – WebBank.

Back in February, Mastercard revealed its plans to offer support on some cryptocurrencies this year. It’s Head of Digital Assets Raj Dhamodharan said that as consumers go about different acceptance locations, they can now get the opportunity to earn rewards in the form of crypto.

Mastercard will be rewarding its users with crypto for every transaction

The financial services giant VISA (V) recently expressed their interest with cryptocurrencies as they are now catering transactions using digital money. The company’s CEO – Alfred F. Kelly Jr. even revealed the ways as to how they’d be working with both crypto and central bank digital currencies.

‘Digital gold’

On April 27, VISA held its Q2 2021 Earnings Conference Call were Kelly stated that both crypto (i.e. Bitcoin) and digital currencies (CBDCs) are “digital gold” and an emerging payment option respectively. 

Additionally, the CEO mentioned several opportunities the company is seeing with the these two:

· Providing its financial partners with crypto options

· “The conversion of a digital currency to a fiat on a VISA credential”

· The ability for their users to purchase crypto through their cards

· Talks with central banks regarding public-private partnership options

· A bump with VISA’s infrastructure that allows financial institutions “to settle with VISA” through the use of stablecoins.

Kelly stated that “this is space that we are leaning into in a very, very big way” and believes the they are “extremely well-positioned.”

Mastercard also making some moves

Also, it may well seem that Mastercard (MA) is heading the same path as VISA’s as the payment firm will be rolling out credit cards that will give its users rewards in the form of digital currencies whenever they make transactions. This was made possible through the firm’s partnership with Gemini – a U.S. cryptocurrency exchange.

Reuters noted that cardholders – starting this summer will be receiving up to three percent in either Bitcoin (BTC) or other cryptocurrencies on their purchases. These digital currency rewards will then be deposited to the cardholder’s Gemini account. Further, it was stated that these cards will be released by the Utah-based digital lender – WebBank.

Back in February, Mastercard revealed its plans to offer support on some cryptocurrencies this year. It’s Head of Digital Assets Raj Dhamodharan said that as consumers go about different acceptance locations, they can now get the opportunity to earn rewards in the form of crypto.


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