The world’s leading payment processor, Visa Inc. is going to explore the blockchain technology and digital currency potential for improving its digital payment process.
The research team will focus on improving Visa Checkout and mVisa products, the corporation’s top executive said. As Rajat Taneja, Executive Vice President of Technology at Visa Inc. told LiveMint:
Earlier this year Visa has announced the assignment of a former Google employee, Min Wang as a chief of the research team.
The interest towards the blockchain from major world financial players, such as Visa, is not a surprise. While Visa previously said that the blockchain technology did not represent a sustainable threat to the company’s operation, the former Senior Vice President of Visa John McDonnell stated that “bitcoin was probably the biggest fintech innovation since electronic payments”.
According to Rajat Taneja, the research team consists of 400 engineers who will focus on improving Visa’s transactions using the innovative concepts of the blockchain technology.
Visa has joined the club of financial giants exploring the possibilities on brought by the blockchain technology. As CoinFox reported earlier, Standard Chartered, a London-based multinational banking and financial services company, has shown interest in the blockchain. In April 2015, the Bank of New York Mellon announced that it started experimenting with the blockchain. In the same month, UBS, a major Swiss bank, announced the opening of a technology lab to explore the potential of the blockchain.
Daria Petushkova
