certify
Home arrow Article arrow Article Detail

Credit card usage for cryptocurrency reaches $2.5 billion

Profile Image

Pavan A Follow

INDIA

Jan, 31 2022

Jan, 31 2022

likes | comments 0

Article Image

Visa provided an earnings update on Thursday, reporting that its customers used its crypto-linked cards to make $2.5 billion in payments during the first fiscal quarter of 2022. This represents more than 70% of the crypto-card volume in fiscal 2021, an indication of the growing number of people buying digital assets with their cards.

 

Although the cryptocurrency markets are volatile, cryptocurrency is becoming a more popular payment method.

 

CNBC spoke with Visa CFO Vasant Prabhu about the positive development, “To us, this signals that consumers see the utility in having a Visa card linked to an account at a crypto platform."

 

He adds, "People are using their crypto-linked cards to spend in a variety of ways—retail goods and services, restaurants, travel."

 

With crypto-linked credit cards, consumers can purchase crypto anywhere Visa is accepted. That means merchants do not have to be familiar with crypto at all; transactions are processed in fiat as are typical Visa transactions.

 

Visa also announced that its crypto wallet partner list now includes Coinbase, Circle, and BlockFi, as well as almost 100 million merchants accepting crypto payments.

 

The usage of cryptocurrency-linked cards reached $1 billion in the first half of 2021, according to Visa. Mastercard and cryptocurrency exchange Gemini plans to introduce a card to offer the opportunity to earn cryptocurrency. In early 2022, Gemini, the crypto exchange co-founded by Cameron and Tyler Winklevoss, will make the card available for customers on a waitlist.

 

With a strong focus on expanding the crypto industry and its adoption in general, Visa launched crypto-consulting services in December for its clients in order to encourage financial institutions to participate in cryptocurrencies.

 

Recently, Visa partnered with a musician named Micash Johnson to educate musicians about how to monetize their work and advance their careers using NFTs.

 

 

 


likes | comments 0

Profile Image

Pavan A

CBW - External Analyst

INDIA

Comments
Data Centre Construction - World First artificial intelligence AI-Tech Utility Token
banner
Article
WMG team up with OpenSea to expand Web3 opportunities 

WMG?team up?with OpenSea?to expand?Web3 opportunities for artists. This platform will enable artists to?build and extend their fanbase in the Web3 community. The nonfungible token (NFT) marketplace..;

Disclaimer: The information is for informational purposes only.​ This advertisement does not constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. None of the information and/or content available through this advertisement is intended as an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any company, financial product, security or commodity. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. In Making the investment decision, investors must rely on their own examination of the issuer and the terms of the offerings, including the merits and risks involved. Investments are speculative, illiquid, and involve a high degree of risk , including the possible loss of investment.