Visa won’t be accepting cryptocurrencies until they become more established payment instruments, CEO Al Kelly told Jim Cramer on his “Mad Money” program on CNBC.
If “crypto starts moving from being more of a commodity to actually really being a payment instrument…we will move in that direction,” the CEO said. “We want to be in the middle…of every payment flow in the world regardless of how it happens or what the 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.”
Back in September Kelly voiced similar skepticism about cryptocurrencies’ underlying blockchain technology, saying it could not keep up with Visa’s heavy volume of transactions. Rival MasterCard, meanwhile, has no such skepticism. That may be why last week Visa announced B2B Connect, its blockchain-based digital identity system for cross-border transactions. It will be launched in the first quarter of 2019, according to Visa’s press release.
However, cryptocurrencies are another matter. “I think there has to be some market that it becomes somewhat like a fiat currency in order for us to be comfortable,” Kelly told Cramer.