Visa’s CEO believes that solutions based on blockchain technology can be integrated with the services of the company he leads.
VISA’s CEO wants a revolution in payments
Speaking at Visa’s shareholder meeting on January 24, CEO Al Kelly – who will officially leave his position on February 1 – shared the company’s plans for central bank digital currencies (CBDCs) and stablecoins.
(…) we continue to believe that central bank stablecoins and digital currencies have the potential to play a significant role in the payments space
he said, adding that Visa “drives many initiatives related to the blockchain.
He reminded that the company has invested in funds and companies from the cryptocurrency market.
Kelly also confirmed that Visa’s policy was unaffected by some of the scandals that rocked the cryptocurrency space in 2022:
We have not recognized any losses related to these cases […]. In everything we do, we are very focused on maintaining the integrity of the Visa payment system and the entire payment system, and of course on the reputation of our brand.
The company’s activities in the blockchain market
Over the years, Visa has worked on many cryptocurrency-related initiatives. Her research group started working on a blockchain interoperability project in September 2021 (Universal Payment Channel (UPC) initiative). The project aimed to establish a network for CBDCs and stablecoins through which they would pass through various payment channels. However, no project updates have been published in a year.
On December 20, the company announced that it is developing a plan to pay bills automatically. The project will be based on Ethereum.
The company has also recently launched several cryptocurrency payment cards with “zero charge.”
New CEO
Visa CEO Ryan McInerney will officially replace Al Kelly as CEO on February 1, while Kelly will become executive chairman.
McInerney appears to be just as – if not more – optimistic about blockchain-based payment solutions as Kelly.
In an interview with Fortune magazine in November, he said that Visa still has “$14 trillion in consumer spendable cash that can be digitizedand that it continues to explore where cryptocurrency payments can best be used.
