Visa for crypto wallet providers.
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In a recent announcement on its platform, one of the world’s foremost card payment processor has expressed its commitment towards fostering the adoption of digital currencies around the globe.
The new Visa approach towards digital currencies allows the firm to provide channel for processing payments done with cryptocurrency.
Visa has opened various channels and networks for helping digital currency wallets provide its customers a channel for spending their currencies worldwide.
Visa’s Flyclient provides a netowork that makes it easier for mobile devices to validate blockchain transactions. Visa has partnered with various crypto firms including US based Coinbase to
On regulatory compliance, the card payments technology company has been in dialogue with regulatory bodies for a better understanding of digital currencies and including its work with the World Economic Forum and other collaboration on central banks exploring the concept of Central Bank Digital Currency (CBDC).
Visa’s approach to digital currency will be focused on a number of key areas reflecting its core values including:
- Security, privacy, integrity and trust: We will maintain a rigorous focus on data protection, consumer privacy and fairness, and full compliance with all applicable laws.
- Remaining currency- and network-agnostic: We plan to support the digital currencies and blockchain networks that our clients and partners demand, in keeping with our broader network-of-networks strategy.
- Alignment with Visa’s core capabilities: We have deep expertise in securing transaction data, working with diverse stakeholders, and maintaining an always-on network with continuous availability. We will pursue projects that allow us to apply this expertise to new networks and technologies that can benefit our existing clients and partners.
“We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places. As such, we want to help shape and support the role they play in the future of money.”
