Visa, the renowned financial service company is planning to accept Bitcoin on Visa credentials. During a podcast at Fortune’s Leadership Next, the CEO of Visa, Al Kelly discussed Visa’s plans for buying Bitcoin on credentials. The announcement was made following Mastercard’s publication on accepting cryptocurrency in February.
According to Al Kelly, Visa is aiming to work with Bitcoin wallet. Earlier in February 2021, Visa’s partnership with First Boulevard was announced. First Boulevard stands as a digital neobank that is focused on instituting generational wealth for the Black community in order to assert the company’s efforts into joining the cryptocurrency market. In accordance with Al Kelly’s statement, Visa intends to facilitate the purchase of Bitcoin on Visa credentials, and work with Bitcoin wallets so customers will be able to translate the cryptocurrency into fiat currency. Thus making its usage convenient in any of 70 million facilities in the world that accept Visa credentials.
On the other hand, Visa’s rival in the financial service sector, Mastercard published its plans for integrating Bitcoin along with other cryptocurrencies into its structure in 2021. According to Raj Dhamodharan, Digital Partnerships at Mastercard, and EVP Blockchain, stated that the company will be focusing on consumer protection before the selection of cryptocurrency.
Many financial firms have started to make plans on incorporating Bitcoin as a payment method due to the substantiate rise in the institutional request for Bitcoin as a payment method.
Furthermore, Tesla the leading largest electric-card producer published its $1.5 billion investment in Bitcoin, stating the company will be accepting BTC as a payment method for its products.
Moreover, the head of Bitcoin ATM providers in the USA, CoinFlip has significantly increased its network in the past few months due to the rise in demand for BTC. The largest cryptocurrency registration in the world was recorded to be $61,000 on Sunday and after experiencing a small dip since has recovered to $59k at the time of writing.
