Visa Records Over $2 Billion in Transactions for Crypto Cards in Q1 2022

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Pro-crypto international payments company Visa, in its recent earnings call, revealed that users of its platform have completed transactions worth around $2.5 billion using their crypto-linked cards.

This figure is already more than 70% higher than all transactions made using crypto cards in fiscal year 2021 – an indication of the level of adoption the digital asset industry has seen this year.

According to the company’s CFO, Vasant Prabhu, Visa has seen an increase in crypto transaction volume despite the volatile nature of the market.

Earlier this year, major digital assets like Bitcoin and Ethereum saw their values ​​drop to new lows as the market suffered a broad correction due to the Federal Reserve revealing its new hawkish stance.

Prabhu continued that “this indicates that consumers see the value in having a Visa card linked to an account on a crypto platform.” In the interview with CNBC, he also mentioned the ease of financing and managing purchases with the card.

Crypto cards are becoming very popular in the space. These cards allow holders to spend crypto anywhere Visa is accepted. Merchants receive fiat transactions like regular card transactions, with the processor handling the conversion.

Crypto transactions still on the rise

Adoption of crypto-linked Visa cards has steadily grown over time, as evidenced by transaction value. In the first six months of 2021, Visa reported $1 billion in card transactions. That was even more than the numbers he recorded in 2019.

With record spending in the first fiscal quarter of 2022, it is clear that more and more people are now looking to crypto assets as a viable payment option.

The CFO noted that “people use their crypto cards to spend in different ways. They are increasingly being treated as a general purpose account.

Along with its increased transaction volume, Visa also revealed that it has increased the number of crypto firms it partners with to facilitate services. Previously, the company had around 54 companies using its services, but it has now increased that number to over 65.

Notably, Visa does more than just facilitate crypto payments. The company has extended its tentacles to other crypto niches such as consulting and the booming NFT space.

However, despite all these pro-crypto moves, it currently has no plans to hold any cryptocurrency on its balance sheet.

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