The blockchain and cryptocurrency space has continued to grow exponentially in recent times. We have seen an ever-increasing interest in crypto as a reliable method of executing cross-border transactions compared to other payment transactions.
This opinion is furthermore buttressed by renowned payment giant Visa. The payment platform has recently disclosed that crypto payments are on the rise. Therefore, in this article, you will discover more about this tendency and what is Visa doing about it.
Crypto Cards Usage is Taking off
Nowadays, Visa has developed strategic partnerships with over 65 crypto platforms. All are aimed at facilitating seamless payment transactions using cryptocurrencies across all sectors.
According to Visa, transactions completed using crypto cards crossed the $2.5 billion milestone achievement in the fiscal first quarter of 2022. This value is worth 70% of its entire crypto payment sector of 2021. Therefore, this shows that 2022 will bring crypto card usage to new heights.
Also, according to a recent tweet by Bitcoin Archive, 5% of Americans currently own a crypto credit card.
5% of Americans use a credit card that pays #Bitcoin or crypto rewards – Finder survey
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) January 29, 2022
Speaking on the announcement, CEO of Visa, Al Kelly disclosed that the blockchain and crypto space brings new twists to payments transactions. In his own words, he said: “Many current trends in payments, including cryptocurrencies and wallets, are enabling new forms of payment.” Adding that these trends “[…] represent opportunities for Visa.”
Simply put, Visa is focused on becoming a major partner in linking the crypto space with traditional finance. While also ensuring continued growth and development of the crypto space.
The Secret Behind Visa’s Crypto Cards
Visa Inc. has shown remarkable interest in the cryptocurrency space. In line with this, the payment giant has taken steps aimed at facilitating crypto-related features. Some of these efforts include:
- Crypto-to-fiat on-ramp services: The payments giant currently boasts of a strategic partnership with over 65 crypto platforms.
- Visa Inc. also has an estimated 100 million merchants accepting crypto-linked visa cards.
- Crypto payments using visa cards reached $1 billion as of July 2021
- The recent milestone achievement of $2.5 billion in 2022 first fiscal quarter is also a huge pointer to Visa’s interest in the crypto space.
- Visa also recently launched a global advisory service for cryptos.
Al Kelly, also disclosed that apart from incorporating crypto platforms, credentials, and exchanges, the payment giant continues to research around its “[…] cryptographic API and settlement capabilities.”
Finally, despite this elaborate interest in the crypto space, Visa currently has no crypto asset in its balance sheet. With no plans to own crypto assets any time soon. Irrespective of this, the payment giant will continue to support the growth and development of the crypto space.
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