According to a press release published on January 13, Visa acquired Plaid, a company that developed a network that allows users to easily link their bank accounts to the applications they use to manage their home finances. The giant paid as much as USD 5.3 billion for this technology.
The announcement stated that as much as 75 percent. global consumers using the Internet use fintech applications to transfer funds. Accordingly, “it is becoming increasingly important to facilitate the use of fintech applications for consumers.” President and CEO of Visa Al Kelly commented:
“Plaid is a leader in the rapidly growing world of fintech with best-in-class capabilities and talent. The acquisition, combined with our many fintech efforts that are already underway, will allow Visa to gain even more value for programmers, financial institutions and consumers. “
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VISA with a cryptocurrency wallet
Importantly, Plaid also supports the Abra cryptocurrency wallet, while the Coinbase cryptocurrency exchange uses the services of the company to obtain banking information about a given client.
Visa claims that the acquisition will enable it to cooperate more closely with companies in the financial technology industry. It also shows that the company is still showing a keen interest in innovation in the fintech sector. In October, Kelly said the company is still in talks with Facebook about Libra, despite pressure from regulators around the world.