Visa Inc. V has added crypto currency lending and borrowing company Cred to its fintech fast track program. The Visa Fintech Fast Track Program launched last July enables fintech partners to develop new commerce experiences leveraging the reach, capabilities and security that VisaNet, the company’s global payment network, offers.
Thus being integral to Visa’s Fintech Fast Track Program, Cred will be able to take advantage of Visa’s vast network, resources and services to scale up its business. By combining its services with Visa, Cred can ease interest disbursement process by crediting interest payments directly to customers’ bank accounts in Visa’s network. Cred will also be able to issue crypto credit cards that will let customers access a line of credit without having to liquidate their crypto assets.
Visa has been promoting the use of crypto currency since it perceives the same to gain a wider acceptance in times to come. It is providing its full range of technological capabilities including Visa Direct, which makes it faster and easier for consumers to convert digital currency, pushing those funds into their Visa credentials in real time.
The company has been advancing and evolving its digital currency strategy for quite some time. Last year, it made an investment in Anchorage, a company building security infrastructure for the digital currency ecosystem. The company’s research team has been exploring the science of blockchain technology for several years. It is now discovering new mechanisms to improve scalability and enable offline digital currency transactions.
Visa has been working closely with licensed and regulated digital currency platforms like Coinbase and Fold to provide a bridge between digital currencies and its existing global network of 61 million merchants. Around the world, more than 25 digital currency wallets linked their services to Visa, giving users a hassle-free option to spend from their digital currency balance using a Visa debit or prepaid credential at any given location where Visa is accepted.
Though the use of crypto and digital currencies creates a hitch in the minds of general public, the presence of a trusted payment facilitator like Visa can provide an element of reliability to the whole process.
Other companies like Mastercard Inc. MA, PayPal Holdings Inc. PYPL and Square, Inc. SQ are also gearing up to ride the next wave of bitcoin and crypto development and its universal adoption.
Visa currently carries a Zacks Rank #3 (Hold). The stock has gained 9.3% compared with its industry’s growth of 2.2%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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