Cryptocurrency-linked Visa card usage has halved $ 1 billion globally this year

Payment giant Visa has announced that use of the crypto-linked Visa card has exceeded $ 1 billion in the first half of 2021.

The use of crypto-linked Visa cards worldwide has halved $ 1 billion this year

Consumers worldwide spent more than $ 1 billion in crypto on goods and services via crypto-linked Visa cards in the first six months of the year, the company said yesterday. This result will be reported in Visa’s annual financial statements on July 27, 2021.

In addition, according to the company, a quarter of the companies in Visa’s fintech fast-track program are now working on issuing Visa cards that are linked to the cryptocurrency platform. “It is more important than ever for financial institutions of all kinds to establish a crypto strategy,” emphasized the company.

Meanwhile, a recent survey by competitor Visa Mastercards found that 93% of North American consumers surveyed plan to use cryptocurrency or other emerging payment technologies in the next year, while 75% of the younger generation will use cryptocurrencies when they understand it better.

Visa also claims that stablecoins with over $ 100 billion worth of stablecoins in circulation and hundreds of billions of dollars exchanged on public blockchains every month are “beginning to fulfill the promise of digital fiat.”

Crypto-linked Visa card usage exceeded $ 1 billion worldwide this year – Visa’s plan

Visa CFO Vasant Prabhu told CNBC that the company is “doing a lot to create an ecosystem that makes crypto more usable and looks like any other currency.”

“People are discovering ways in which they can use cryptocurrency for things that they can use with normal currency. There are many volatility problems, but it is up to the owner of the cryptocurrency to manage and monitor it, ”Prabhu was quoted as saying.

He also noted that Visa is seeing a lot of volume on its network of people buying crypto on various regulated exchanges and “as far as we can see that trend is continuing.”

Visa also announced that it will add the FTX crypto exchange to the Fintech Fast Track program, a section that focuses on making cryptocurrencies more practical for consumer and business spending.

Prabhu told CNBC that Visa has no plans to include cryptocurrencies on its balance sheet, as Tesla, MicroStrategy and others recently did, “because we don’t.”

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