According to the Visa’s Chief Financial Officer, Vasant Prabhu, despite the volatility of the industry, Visa has observed a rise in transaction volume in crypto. Earlier this year, prominent digital currencies such as Bitcoin and Ethereum saw their prices plunge to new lows as the market saw a broad correction after the Federal Reserve’s announcement of its new hawkish stance. “This shows that customers recognise the utility of having a Visa card tied to an account on a crypto platform,” Prabhu stated. In his interview with CNBC, he also mentioned the convenience of financing and controlling transactions using the card.
Crypto-linked cards are becoming increasingly popular in the market. These cards enable holders to spend cryptocurrency everywhere Visa is accepted. Merchants receive the transactions in fiat currency, as they do with ordinary credit card transactions, with the processor managing the conversion.
The use of Visa crypto-linked cards has expanded steadily over time, as seen by the value of transactions. Visa reported $1 billion in card transactions over the first six months of 2021. This was an increase above the previous year’s figures. With record spending in the first fiscal quarter of 2022, it’s evident that more individuals are beginning to perceive crypto assets as a legitimate payment option.
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