The CEO of VISA doesn’t see crypto as a threat

The CEO of VISA doesn’t see crypto as a threat
October 27
09:10 2018

The CEO of the global payment giant VISA – Al Kelly, declared that cryptocurrencies are not a challenge for the company’s supremacy in the payment industry.

In an interview for the CNBC’s Mad Money on the 24th October, the chief executive of VISA expressed his opinion that their company is a hegemony in this business and he cannot see cryptocurrencies as a potential threat for the short to medium-term. Talking to the CNBC host Jim Cramer, he continued that the crypto market will have to transform into something similar to the fiat currency market before gaining VISA’s interest and comfortability for interacting with the asset.
Kelly sees VISA as the company positioned to be in “the middle of every payment flow in the world” and if the crypto market moves in the right direction, the company will follow:

If it goes in that direction, we will move in that direction. We want to be in the middle, Jim, of every payment flow in the world regardless of how it happens or what currency is behind it. So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle.

Meanwhile the company’s main global competitor Mastercard got a patent for a payment technology which combines “blockchain currencies” and fiat. The CEO of VISA expressed his point on this with “VISA is a much bigger network and Mastercard has to try harder”.
Although Kelly views the crypto market as a no threat in the near future, he doesn’t completely disregard it in the future. As the leading company in the payment industry, VISA has to eventually adopt the blockchain and cryptocurrencies and his opinion leaves some positivsm. We are witnessing once again that institutional investors and some kind of legislation are the key for global adoption.

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