The largest cryptocurrency, bitcoin, is a commodity and not a payment system, according to Visas chief executive. Visa will also not give bitcoin or other cryptocurrencies a platform for wire transfers and exchanges. I don't view it as payment system player, CEO Alfred Kelly told CNBC.
We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions, he added. Visa is the world's largest credit card company.
Bitcoin was originally created as an alternative de-centralized currency. However, with its 2,000 percent growth last year, it has become a source for speculators to make a quick buck. As bitcoin turnover grows, it faces problems like high fees, astoundingly slow transactions and volatile prices.
https://www.rt.com/businessIt is worse for Visa if they will not support a bitcoin, less business for them. Most probably they don't see a crypto potential or just don't want to support it as they are scared of competition. It is a big loss for them.