Visa to start research on blockchain technology

(Removed statement “However, the company had acknowledged that it could probably support bitcoin as a payment method.”)

Visa, one of the leading global credit card processing firm, is planning to begin its research on bitcoin and blockchain, as stated in a latest report.

Rajat Taneja, Visa executive vice president of technology, told LiveMint that the research will be conducted in the company's innovation labs, which are dedicated on developing its Visa Checkout and mVisa products.

"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", Taneja told LiveMint.

Visa has for long maintained an indifferent stance on blockchain technology and had stated that it does not consider it as a business threat. The report also suggested that Visa could perhaps consider joining hands with companies like Infosys and Tata Consultancy Services to work on blockchain projects.