Visa to enable Bitcoin purchases across its global payments network

Visa Inc has announced plans to enable cryptocurrency buying and spending on its global network.

The payments giant said this week it would support the purchase of Bitcoin on Visa credentials and would work with Bitcoin digital wallets to allow it to be translated into fiat currency and used at locations where Visa is accepted.

This means that Bitcoin could be accepted at the 70 million merchant companies worldwide which support Visa’s payment cards.

Visa chief executive officer Al Kelly told Fortune’s “Leadership Next” podcast of the company’s plans to maximise its relationship with the world’s oldest and largest cryptocurrency.

“I would like to divide crypto into two buckets – one is the more speculative asset or digital gold where we are focusing on enabling the purchase of Bitcoin on Visa credentials, and working towards the fiat currency,” he told listeners.

“The other category is digital currencies, where we see strong potential for those to become a new payment vehicle [or] an accelerant in some of the emerging markets as we look around the world.”

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Source: Visa to enable Bitcoin purchases across its global payments network