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VISA + Crypto: “Bitcoin is not a competitor for us”

VISA is recruiting project managers to work on its cryptography team. A recent job publication indicates that the company is seeking a position as a full-time technical product manager familiar with blockchain for the company’s location in Palo Alto, VISA Fintech.

VISA Looking for Blockchain Candidates

According to the job description, VISA is looking for candidates who have knowledge and experience in regards to blockchain technology without permission.

In terms of qualifications, VISA expects applicants to have graduated from a first level university, have advanced cryptography knowledge and have a deep knowledge of the cryptocurrency space and the main actors involved.

The Visa Crypto Team and the role of the Product Manager

The VISA cryptographic team, which belongs to the Fintech group of products of the corporation, has the task of collaborating with the VISA research team to create “innovative products” that would be of value to VISA and other financial technology companies.

The responsibilities of the technical manager of the product are detailed below:

  • Manage product strategy and roadmap for opportunities related to cryptocurrency
  • Define the scope of the product and the prioritization of functions and be flexible to iterate / change according to the latest developments to meet the deadlines
  • Create and execute opportunities to develop products that take advantage of Visa’s basic competencies
  • Influence and provide market feedback and knowledge sharing to the entire multifunction team and executive leadership
  • Work closely with all interested parties to ensure the successful delivery of products from start to finish.
  • Stay up-to-date with state-of-the-art technology especially open source projects, and strive to contribute to Visa’s IP portfolio

In general, the work of the product manager will revolve around the development and creation of product ideas and the execution of strategies to deliver quality products.

Innovating in the payment space?

VISA’s decision to create a cryptography team seems to be in line with the corporation’s goal of being the “best method to make payments worldwide”.

Al Kelly, the CEO of VISA, said that he did not consider Bitcoin and other competitors of cryptocurrencies since they were more of basic products than of payment tools.

“If we have to go there, we’ll go there, but right now, it’s more of a commodity than a paid vehicle”.

VISA doesn’t like threats

From the comments of Al Kelly, it was possible that VISA was willing to study the cryptocurrency and blockchain technology if the cryptocurrency became more competitive as a means of payment. Now, maybe the technology has improved to the point where it’s worthwhile for the company to explore further.

The recent move to create a cryptography team could be a response to the growing number of fintech products aimed at making cryptocurrency payments cheaper, faster and more convenient. For example, although there has been great progress in the Bitcoin Lightning network, several encryption payment systems that include cards and point of sale terminals are being developed by several startups, with diverse results.

Consequently, VISA’s decision to venture into the cryptography space could be an attempt to anticipate these developments and compete to remain the “best means of payment”.


Also published on Medium.

Published inCryptocurrencies

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