Visa reports $2.5bn spend through crypto-linked cards

Visa has informed the public that crypto-linked credit cards have made a total of $2.5bn in payments during Q1 2022.

This represents a 70% increase compared to the entire FY 2021, which indicates a greater rate of adoption among retail customers, the company said during its latest earnings call.

Visa chief financial officer Vasant Prabhu said the results reflected the successful link-up between Visa and cryptocurrencies.

“To us, this signals that consumers see utility in having a Visa card linked to an account at a crypto platform”, Prabhu said in an interview for CNBC.

The first half of 2021 saw over $1bn spent in crypto using the company’s cards. Trading volume has been going actively up since when it was first introduced.

These crypto-linked cards have made it possible for customers who use Visa to spend crypto with merchants instead, giving them freedom to convert their crypto holdings into currency.

Visa picks up the difference between fiat and crypto itself, by allowing customers to spend crypto and paying merchants in fiat.

“People are using their crypto-linked cards to spend in a variety of ways: retail goods and services, restaurants, travel”, Prabhu added.

Visa has been actively adding to its partner list, including companies such as Coinbase, Circle and BlockFi, to guarantee greater adoption and ease of service for crypto-linked cards worldwide.

Visa is continuing to build up its presence in the sector and in December, it announced a crypto-consultation service.

Meanwhile, you may continue to use crypto for recreational purposes easily by simply visiting Bitcasino, 1xBit and FortuneJack.

Source

Updated: 01/31/2022 — 10:00