Visa Working on Blockchain Tech in Innovation Labs

Leading global credit card processing firm Visa will soon begin researching bitcoin and blockchain technology, according to a new report.

Aug 12, 2015 at 3:10 a.m. UTC
Updated Sep 11, 2021 at 11:49 a.m. UTC

Leading global credit card processing firm Visa will soon begin researching bitcoin and blockchain technology, according to a new report.

Speaking to LiveMint, the online division of India's second-largest newspaper, Visa executive vice president of technology Rajat Taneja indicated that the research will take place in the company's innovation labs, which are focused on improving its Visa Checkout and mVisa products.

The announcement follows a period of indifference from the credit card giant, which has formerly stated it does not see the technology as a business threat, while acknowledging that it could perhaps support bitcoin as a payment method.

Taneja told the media outlet:

"India will soon have teams that will jointly work with our two research labs in US and Singapore in studying the many aspects of blockchain."

Visa's Bengaluru office, Taneja said, employs 400 engineers and will soon expand to 1,000, though not all are expected to work on bitcoin or blockchain-related initiatives.

The article went on to indicate that Visa is considering partnerships with companies including Infosys and Tata Consultancy Services that would also focus on blockchain projects.

Visa credit card image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
Justin Sun Still Thinks Algorithmic Stablecoins Are a Good Idea

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

CoinDesk - Unknown
3
CoinDesk - Unknown
Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

CoinDesk - Unknown
4
CoinDesk - Unknown
Market Wrap: Cryptos Decline Amid Choppy Trading, DeFi Tokens Underperform

Aversion to risk remains as volatility returns to stocks and cryptos.

Aversion to risk remains as volatility returns to stocks and cryptos.

CoinDesk - Unknown