Visa: We make it possible to buy bitcoins using Visa

[Leviathan.007]

An increasing the demand of bitcoin we hear some good new everyday about the companies accepting and using bitcoin. The Visa CEO 'Alfred Kelly' announced in an interview that Visa is entering the crypto currency.
He said: We try to do two things; The first is to make it possible to buy Bitcoin with Visa credit cards, and the second is to work with Bitcoin wallets to quickly convert Bitcoin to Fiat currency so that it can be used in the 70 million places in the world that Visa supports.
Kelly believes there is "strong potential" for crypto currencies to become new payment system.
What's your thoughts?

Source: https://www.moneycontrol.com/news/business/visa-ceo-says-working-to-enable-purchase-of-bitcoin-through-its-credit-card-6656051.html

[Poker Player]

This is great news and is going to increase demand even further. I don't know if I'm too keen on people being able to buy Bitcoin on credit though. I also don't think purists would like it if they implemented fiat conversion because in an ideal world we would only transact with Bitcoin. But all in all this is one more step in the phase we are in of institutional adoption and going mainstream.

[shahzadafzal]

The Visa CEO 'Alfred Kelly' announced in an interview that Visa is entering the crypto currency.
He said: We try to do two things;

Have been hearing this for quite sometime but haven’t seen any positive progress yet. I think such decisions are above these CEO and mostly government and Central banks have authority over Visa/MasterCard etc.

The first is to make it possible to buy Bitcoin with Visa credit cards

But isn’t it already there?  If he mean to don’t charge extra fees then good step.

Otherwise they treat it as “investment” and charge big percentage of fees almost 10%. I did used once and after one month in my statement there was 10% fee against investment when I inquired they told me you invested in stocks. I said ok, I mean

Kelly believes there is "strong potential" for crypto currencies to become new payment system.

That’s something I would agree to, Yes it is the new payment system.

[bitmover]

He said: We try to do two things; The first is to make it possible to buy Bitcoin with Visa credit cards, and the second is to work with Bitcoin wallets to quickly convert Bitcoin to Fiat currency so that it can be used in the 70 million places in the world that Visa supports.

Source: https://www.moneycontrol.com/news/business/visa-ceo-says-working-to-enable-purchase-of-bitcoin-through-its-credit-card-6656051.html

Buying bitcoin with credit cards is very old. You can do that for years and years in CEX.io for example. But it is expensive.
https://cex.io/cards

There are also for long time pre paid master/visa card which can be funded with bitcoins. It is nice now to see VISA CEO involved in this. Those services used to be shut down quickly in the past, but now I believe we will see a lot of more of these prepaid cards, as VISA CEO is incentivizing them.

[passwordnow]

I think I've heard of that news before, maybe not a long time ago but this isn't new. What I can say is, if they'll give that feature for their users to convert quickly received bitcoin into fiat, that's the worry of most users. They are still into cash and that's the only thing they need to secure. The confidence that they can convert received bitcoin into fiat will remove their doubts towards it, and this is for those no coiners that think that bitcoin is a scam and only used illegally.

[bassbity]

This is news that we have heard for a long time and in my opinion it is still in the planning stage which cannot be fully implemented at this point. Maybe the middle of this year, if Kelly is ready with the visa maker on a large scale. that way we will see a huge increase in the market after visas are legally used globally.

[orions.belt19]

I'm more keen on seeing more development on this as I've already heard about this sometime in the past. I hope they will be able to allow us to pay with bitcoin for any merchant that accepts Visa, just like how paypal plans on doing so. I think Paypal's plans and implementations are more expressed as compared to Visa which hasn't detailed out their integration with crypto. Paypal was even able to lay out a timeline although they haven't given any update for now.

[NeuroticFish]

VISA has its own "internal" (?) FOREX rates, usually better than what the banks offer.
If they would do something similar for Bitcoin, hence turning off the many (sometimes hidden) fees various "Bitcoin card" issuers or "Exchanges selling Bitcoin for card" have, it could be an interesting news.
But I think that we are not there yet.
We'll see...

[xceltoken_plus]

Some big cryptocurrency exchanges, like Coinbase, don't accept credit cards. Coinmama and CEX.io say they accept credit cards, but only Visa and Mastercard. And even then, that doesn't mean your credit card company allows it

[androyster]

This is good, especially if you don't have enough BTC to buy a miner when BITMAIN only takes BTC.

[Darker45]

Honestly, there is nothing too special about this anymore. Visa does not make it possible for people to buy Bitcoin using Visa because it has already been done long before this announcement. And not just buying Bitcoin using Visa cards but also spending Bitcoin in the form of fiat by way of Visa crypto cards.

Of course, it is still a welcome news since this is Visa itself announcing its support for Bitcoin, but there seems to be nothing completely new about this.

[androyster]

I recently tried to use VISA, MC and AMEX to buy bitcoin and none of my credit card companies would accept the transactions. 

[DdmrDdmr]

There isn’t really that much unveiled at all. The articles exploits just a few minutes of the podcast (hear: https://podcasts.apple.com/us/podcast/will-bitcoin-disrupt-visas-business/id1501891506?i=1000513214346). Namely, what is said between 6:19 and 9:23.

The interviewer asks Visa CEO, Al Kelly, what Bitcoin and cryptocurrency means to their business. The part about "enabling the purchase of bitcoin on visa credentials" is nothing new, and constitutes a simple depiction of what they currently do (and have been doing for some time). Working with wallets to enable bitcoin to be translated into fiat sounds like the prior, but the other way around. It does not really depict any big plans, but rather what’s already on the board. Perhaps what is being expanded is the number of partnerships being made to this effect, but it is not showing any new plans apparently. They also verse on what seems to be stablecoins, but I’d say under the same prism as the prior.

[Rana590]

An increasing the demand of bitcoin we hear some good new everyday about the companies accepting and using bitcoin. The Visa CEO 'Alfred Kelly' announced in an interview that Visa is entering the crypto currency.
He said: We try to do two things; The first is to make it possible to buy Bitcoin with Visa credit cards, and the second is to work with Bitcoin wallets to quickly convert Bitcoin to Fiat currency so that it can be used in the 70 million places in the world that Visa supports.
Kelly believes there is "strong potential" for crypto currencies to become new payment system.
What's your thoughts?

Source: https://www.moneycontrol.com/news/business/visa-ceo-says-working-to-enable-purchase-of-bitcoin-through-its-credit-card-6656051.html

Obviously it is a great news for crypto lovers. Sometimes, we have to face difficulty at the time of buying Bitcoin. All the times, we shouldn't depend on local clients. Visa is a great way as a payment gateway. I think many new features will be added soon.

[The Cryptovator]

I heard a few days back Visa is going to enable crypto use for their users. Yes, it would be easier to consume our Bitcoin when we could load and spend Bitcoin through a Visa card. I am assuming they just seeking how to avoid volatility and convert Bitcoin into fiat instantly. I don't think they will take the risk of volatility. However, still, it's a positive move for Visa because their use would increase more when they will enable crypto uses officially.

[stompix]

He said: We try to do two things; The first is to make it possible to buy Bitcoin with Visa credit cards, and the second is to work with Bitcoin wallets to quickly convert Bitcoin to Fiat currency so that it can be used in the 70 million places in the world that Visa supports.

You can already do this, the problem is not Visa, the problems are the banks that issue those Visa cards.
Even if Visa enables you to transfer or pay with crypto if your bank will not allow your card to be bound to a crypto account there is nothing you can do, other than of course switching banks and find one that does.

There isn’t really that much unveiled at all. The articles exploits just a few minutes of the podcast (hear: https://podcasts.apple.com/us/podcast/will-bitcoin-disrupt-visas-business/id1501891506?i=1000513214346). Namely, what is said between 6:19 and 9:23.

As I was guessing, they are not interested in creating a new channel that would allow you to pay with bitcoin directly to a merchant but more they are focused on wallets that would convert crypto directly to fiat and then use that fiat with your visa card. Every 10 seconds he mentions transfer to fiat, like a robot.
I live the way he admits, he doesn't know if crypto will be big or no in 5 years, he claims he is not smart enough for that but he is smart enough to try to get a piece of the pie, damn jackal

[aoluain]

This is good news for sure but VISA are already supporting Crypto for example with
the Coinbase Debit Card

Introducing Coinbase Card
A Visa debit card, funded by your Coinbase balance. The easiest, quickest way to spend your crypto worldwide.

Am I missing something here?

And secondly, working with bitcoin wallets to allow the bitcoin to be translated into a fiat currency and therefore immediately be able to be used at any of the 70 million places around the world where Visa is accepted

Does this mean we can integrate or link a Bitcoin wallet to a VISA card (or visa versa) ?

[TopTort777]

Cant wait for a moment when I can buy crypto directly in my bank account (same as I can buy stocks, even though they are not real, but artificial like bitcoin on paypal) and such option being available in every bank. Seeing how things are doing, I think it will be available in few years.

[MinoRaiola]

The Visa boss takes cryptocurrencies and has to deal with cryptocurrencies. Regarding BTC, Kelly announced that Visa is in the process of enabling the purchase and is working with some wallets to enable conversion into a fiat currency. On the other hand, they will develop payment options in the future that allow bitcoin if you ask me.

[dothebeats]

It seems like more and more payment processing giants want to have some share of the pie that PayPal first bit. The reality is, Visa doesn't really have a problem enabling the integration of crypto into their offerings; it's those banks that do not really like bitcoin or any other crypto to be a part of their customers' business. Good thing though that banks here in my country are starting to open up to crypto-related services and whatnot. It's only a matter of time before we can have seamless integration of crypto into Visa and similar payment payment processors, at least here in the country.