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Visa says its crypto linked card hit a record usage of $2.5B

Visa
Visa

Visa has announced that its customers made $2.5B worth of payments during the first quarter of 2022 using its crypto-linked cards. The company released these details during an earnings call.

The company noted that this growth signalled that customers were deriving utility from these cards. The figure equated to around 70% of the total crypto volumes generated by the firm in the 2021 financial year.

Visa crypto cards are a success

“There’s value in being able to access that liquidity, to fund purchases and manage expenses, and to do so instantly and seamlessly,” said Visa’s CFO, Vasant Prahbu. Visa was among the first payment firms to endorse crypto payments.

According to cryptosvet.cz, The CEO of Visa, Al Kelly, noted that the company would continue investing in the crypto sector. He noted that venturing into the crypto space would offer “connectivity, scale, consumer value proposition, reliability, and security.”

Visa continues to secure partnerships in the crypto space. The number of partner firms has increased to over 65. Some of these partners include BlockFi, Coinbase, and Circle. Additionally, the number of merchants accepting crypto payments on Visa’s network has increased to nearly 100 million.

Mastercard is also venturing into crypto

Mastercard, Visa’s greatest competitor, has partnered with the Gemini cryptocurrency exchange platform to enable customers to earn crypto as a reward. However, this option will not allow cardholders to access their digital wallets. The card will be unveiled this year.

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Prahbu commented on these crypto rewards cards, noting that they serve as ideal solutions for consumers new in the crypto space and those who do not want to invest directly in the sector.

Visa has not indicated any plans to have cryptocurrencies in their balance sheet. However, it has made strategic investments in the space and launched a crypto consulting service that will push further to adopt cryptocurrencies.

Over the past few months, the cryptocurrency market has recorded stunted growth. Bitcoin has dropped by around 46% from its all-time high of $69,000 set in November. Additionally, the broader cryptocurrency market has also recorded increased volatility.

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