This week, Visa wants to join the club of tech giants adding digital currencies in their networks.
CEO Al Kely reaffirmed during the Q1 fiscal earnings call Visa’s commitment to adding digital currency in their payments network. This isn’t the first time the company has expressed its intention of working with blockchain and digital assets publicly. In 2016, the company filed a patent for blockchain-based transaction system related to “methods and systems for using digital signatures to create trusted digital asset transfers” and another in 2019 described as “digital fiat currency.”
During the call, Kelly said digital currencies are predominantly held as assets—not used as a form of payment. He shared that Visa plans to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials. This also includes cashing out onto a Visa credential to make a fiat purchase at any of the 70 million merchants accepting VISA globally.
“To the extent a specific digital currency becomes a recognized means of exchange, there’s no reason why we cannot add it to our network,” Kelly said.
Meanwhile, Bitcoin SV hit a record of 9,000 transactions per second (tps) during the Scaling Test Network run last week. This rivals Visa’s average of around 1,700 tps while BTC has an average of maximum of only 7 tps.