Decentralized Visa Service
The American payment firm Visa has the job posting on Smart Recruiters, a talent searching outsourcing platform. The position of Technical Product Manager is for its Palo Alto office. The manager will be reporting directly to the “Head of Crypto within the Visa’s Fintech Product Group.”
The manager responsibilities include:
- Managing product strategy and roadmap for cryptocurrency related opportunities.
- Designing and building of products that leverage the payment processor’s core competencies.
- Defining product scope with the ability to change or modify with latest developments.
- Providing market feedback to the cross functional team and the leadership.
- Keeping updated on new technologies and developments that can contribute to Visa’s IP portfolio.
The responsibilities mean that the person would need to be well versed in blockchain and cryptocurrencies, including financial services. The requirements are extensive, including a 4 to 7 year relevant experience in product management or retail payments. The incumbent should also have a very good communication skill to be able to explain and influence across all levels of the organization. The manager will interact with a broad range of internal and external contacts that he or she would need to explain complex concepts in simplified manner. Familiarity with advanced cryptography is also an understandable requirement.
Previous Blockchain Considerations
Visa had made it known in the past that it was considering support for cryptocurrencies. CEO Alfred Kelly had said then, “I think there has to be some market that it becomes somewhat like a fiat currency in order for us to be comfortable. If it goes in that direction, we will move in that direction. We want to be in the middle[…] of every payment flow in the world regardless of how it happens or what the currency is behind it. So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle.”
This indicates that Visa is now thinking on the line that cryptocurrencies are fast becoming equivalent to fiat. If the payment processor starts supporting cryptos, this could mean a paradigm shift in the industry. There are several smaller crypto debit cards already active in the market. With Visa, it would become difficult for them to survive.
The move may not mean doom and gloom either. With cryptocurrencies designed to eliminate the middleman and the having the ability to be sent directly to merchants, the outcome is still a gamble.