Visa Inc. CEO Charles Scharf Does Not Rule Out Using Bitcoin

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In his answer to the question whether Visa Inc. had any virtual currency plans among its payment blueprints, this Visa chief executive Charles Scharf said the company was open to facilitating the growing use of Bitcoin and others that may emerge. It looks like Visa Inc. in the future may consider Bitcoin, the new technology that is transforming the way money is being seen and used.

Charles Scharf clears that Visa is not a currency, it’s a network and his company can process real or virtual currencies to the extent that it makes sense. According to him, it is possible but his organization is not thinking about it currently. However, the company is moving towards digital currency as it launched digital laboratory to develop blueprint for the future of payments.

According to the blueprint from Visa Inc. a car’s onboard computer may in the future be used for easy and convenient payment without any interruptions at restaurants, grocery stores and almost anywhere. Moving ahead towards the digital solutions, the company last week unveiled Visa Digital Solutions, a technology agnostic suite of tools.

The suite of tools including software development kits that can be used by developers to turn any ­internet connected device into a ­payments system according to the company are going to help frictionless payment.

Visa Inc. Not Showing Interest in Digital Wallets

Visa Inc. believes that its job is to allow that innovation to occur in a way that is safe and secure, and with the same characteristics as cards allow in the physical world today. Interestingly, though the company has shown its interest in facilitating online and mobile payments, it’s no longer interested in digital wallets.

In fact, Visa Inc. replaced its V.me digital wallet with Visa Checkout, which it describes as an online payments experience. Sharing his views Sam Schrauger, senior vice-president of digital solutions at Visa, presides over its newly launched digital laboratory said that PayPal can be called a wallet but it’s not ­necessarily the initial intent which was to let people pay each other.

Sam Schrauger added that when someone drills down to what consumers see as pain in payment is delay; however, payment works best when it is a non-event i.e. it’s fast and nothing goes wrong.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com