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Visa is considering the possibility of creating an offline payment system based on digital currency, the head of the company's cryptocurrency division, Kai Sheffield, said in an interview with Forbes. He added that research in this direction continues, more details will become known over the next year.
In an interview with the same publication, Terry Angelos, senior vice president and global head of fintech at Visa, said that they intend to include more cryptocurrency companies in their payment network as full members in the foreseeable future.
According to him, they already have many clients from the crypto industry, and this group is constantly growing. There are those firms that came into the crypto business over time, and there are those that initially deal with cryptocurrency. Visa has close relationships with a number of leading cryptocurrency wallets and exchanges, which the company helps to access their worldwide network of more than 60 million merchants.
They would also like to take a closer look at the technologies behind digital currencies and identify new payment flow use cases that digital currencies are best suited to, according to Angelos.
In turn, Sheffield noted that in order to securely implement this functionality, Visa specialists will have to solve many technical challenges, also talking about Visa's involvement in the work on digital currencies of central banks:
Visa plans to expand the number of participants in the payment network at the expense of cryptocurrency companies. There are now about 25 companies that are members of the network, including Coinbase and Circle. Most of Visa's crypto clients specialize in central bank digital currencies (CBDCs).
Recall that in July, Visa said that digital currencies have the potential to add value to digital payments and announced its readiness to support the development of this space.
In an interview with the same publication, Terry Angelos, senior vice president and global head of fintech at Visa, said that they intend to include more cryptocurrency companies in their payment network as full members in the foreseeable future.
According to him, they already have many clients from the crypto industry, and this group is constantly growing. There are those firms that came into the crypto business over time, and there are those that initially deal with cryptocurrency. Visa has close relationships with a number of leading cryptocurrency wallets and exchanges, which the company helps to access their worldwide network of more than 60 million merchants.
They would also like to take a closer look at the technologies behind digital currencies and identify new payment flow use cases that digital currencies are best suited to, according to Angelos.
In turn, Sheffield noted that in order to securely implement this functionality, Visa specialists will have to solve many technical challenges, also talking about Visa's involvement in the work on digital currencies of central banks:
Visa plans to expand the number of participants in the payment network at the expense of cryptocurrency companies. There are now about 25 companies that are members of the network, including Coinbase and Circle. Most of Visa's crypto clients specialize in central bank digital currencies (CBDCs).
Recall that in July, Visa said that digital currencies have the potential to add value to digital payments and announced its readiness to support the development of this space.
