Key Insights
- Visa to launch blockchain-powered payment solutions.
- Stablecoins and CBDCs will play a vital role in next-generation payment systems.
- Visa paved the way for automated payments that one could carry out from their Ethereum wallets.
Al Kelly, the Chief Executive Officer of Visa, one of the largest credit card companies, announced the company’s new plan to take blockchain payments a notch higher. Though Visa has been working on the interoperability of blockchain since September 2021, the plans have been stalled until now.
Visa’s New Plan For Blockchain Payments
The CEO unveiled a new plan regarding blockchain-powered solutions to ensure next-generation payments. Kelly also stated that stablecoins and central bank digital currencies (CBDC) would play a vital role in blockchain payments. Likewise, he mentions that Visa has several initiatives to facilitate a world-class payment system.
The plan now seems to have gained considerable shape and has been on the cards since 2021. A group of dedicated researchers began its preliminary activities under the Universal Payment Channel initiative.
The project’s main aim was to create a “network of networks” for stablecoins and CBDCs. However, while the company refrained from providing enough details about the Universal Payment Chanel project, it announced its recent development. As a result of this initiative, Visa paved the way for automated payments that one could carry out from their Ethereum wallets.
Visa Retains Control in the Payments Industry
The company has also launched zero-fee crypto debit cards, an initiative carried out in partnership with FTX and Blockchain.com. While the agreement of FTX was declared void after its collapse, the partnership with Blockchain. com remains intact.
Visa’s initiative regarding next-generation payments using stablecoins and CBDCs is sure to offer more than one could earlier imagine in blockchain payments. However, with Kelly’s replacement, one might have several questions regarding the company’s progress in the project.
While McInerney replaces Kelly, it leaves no scope for doubt as the former is equally committed to blockchain-powered payment solutions. In fact, one can expect the company to maintain the integrity of its payment systems. Furthermore, as promised by Kelly, the company would also maintain its clients’ trust, privacy, and security.
In short, though Visa will undergo a change in its operational structure with McInerney replacing Kelly, the project, its aims and the promises made by the company remain as it is
