Visa Reports More Than $1 Billion Spent on Crypto Linked Visa Cards

Visa (NYSE:V), an old-school payments platform that has embraced crypto, reports that over $1 billion has been spent on crypto-linked Visa cards. Cryptocurrency can be spent across Visa’s entire network of over 70 million global merchants. Visa has partnered with platforms like Coinbase, FTX, Crypto.com, and more to enable holders of digital assets to spend their crypto just like fiat currency. Currently, Visa is working with 50+ different partners to enable crypto spending.

Visa states:

“We’re seeing digital wallets and crypto platforms build payment products entirely with digital currency. For example, the fast-growing FTX platform, a new Fintech Fast Track member we’re announcing today, is paying fifty percent of their remote employees in USDC. We’re making our network more accessible to this growing ecosystem with capabilities like USDC settlement and through our partnership with Circle. As we look to the future, stablecoins are on track to become an important part of the broader digital transformation of financial services, and Visa is excited to help shape and support that development.”

Trends that Visa highlights in the crypto sector include:

  • An expanding and evolving ecosystem: Visa states that one-quarter of the companies in Visa’s Fintech Fast Track program are working to issue Visa cards linked to a crypto platform. New tools and features include interest accounts, lending, and direct deposits.
    Rewards: Consumers want choice in all things, and loyalty and rewards are no different. Programs like the BlockFi Rewards Visa Credit Card let users spend fiat and earn crypto rewards in a similar way other cards offer rewards programs for airline miles or hotel points.
  • Stablecoins are starting to live up to the promise of “digital fiat”.

Visa recommends that all financial services firms have a crypto strategy.

Vasant Prabhu, Visa CFO, told CNBC, they are doing a lot of work to create an ecosystem to make crypto as simple to spend as any other currency:

“People are exploring ways in which they can use cryptocurrencies for things they would use normal currencies for. There are lots of issues in terms of volatility, etc. But that’s up to the owners of cryptocurrencies to manage and track.”


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