Visa: $2.5 billion paid with its crypto-linked card in Q1 2022

time:2022-01-29 04:00 source:Internet

On Thursday’s earnings call, Visa said its customers paid $2.5 billion using its crypto-linked cards in the first fiscal quarter of 2022. This is more than 70% of all crypto card transactions throughout fiscal 2021, indicating increased adoption of digital currencies for asset payments. Visa CFO Vasant Prabhu expressed optimism about the development in an interview. "To us, this shows that consumers see the utility of linking their Visa card with their account on the crypto platform," Prabhu said, noting the instant and seamless ability to manage purchases and payments of funds. Crypto-Linked Cards allow customers to spend cryptocurrencies wherever Visa is accepted without the merchant needing to be familiar with the asset class. They receive fiat transactions like a typical Visa transaction, while the payment processor handles the conversion on the back end.

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