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- VISA now caters to the use of crypto within its network
- VISA CEO describes crypto as ‘digital gold’
- Mastercard will be rewarding its users with crypto for every transaction
The financial services giant VISA (V) recently expressed their interest in cryptocurrencies as they are now catering to 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.
On April 27, VISA held its Q2 2021 Earnings Conference Call where 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 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 allows financial institutions “to settle with VISA” through stable coins.
Kelly stated that “this is space that we are leaning into in a very, very big way” and believes they are “extremely well-positioned.”
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 US cryptocurrency exchange.
Reuters noted that cardholders – starting this summer would 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 would be released by the Utah-based digital lender – WebBank.
Back in February, Mastercard revealed its plans to offer support on some cryptocurrencies this year. Its 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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
