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.

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