In our article on how Visa and Mastercard are embracing crypto, we mentioned that they are preparing for the future. Now, Visa has revealed that users have already spent more than a billion dollars in crypto on their cards within the first six months of this year. Comparing that to the previous year and 2019, Visa mentions that those were just a fraction of this amount though it didn’t state the exact numbers.
Worth noting that Visa is powering several crypto cards, including the likes of BlockFi and Coinbase. In fact, it mentioned that it’ll partner with 50 leading crypto platforms. That’ll allow consumers to spend virtual currencies at over 70 million merchants globally. Along with the ability to spend cryptocurrencies, these cards also entice users by offering attractive cashback.
In an interview with CNBC, Vasant Prabhu, Visa CFO, stated that:
“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.”
The payment giant expects Visa Crypto Cards and other new payment methods such as biometrics and QR codes to revolutionize the $18 trillion industry that uses cash and cheques.
Visa’s Fintech Fast Track program
Visa also stated that the cryptocurrency exchange FTX has been added to its Fintech Fast Track program. The exchange will be releasing its own crypto card soon. The payment infrastructure company highlights how new-age companies are building products that only rely on digital tokens. FTX for instance, pay 50% of its remote employees in USDC (USD Coin). Hence, Visa will also be playing a critical role in making stablecoins mainstream. Mr Prabhu also highlighted:
“We are doing a lot to create an ecosystem that makes crypto currency more usable and more like any other currency.”
Apart from its strides in the cryptocurrency world, Visa has been in the news lately. It recently acquired European fintech player Tink. Its stock also reached a 52-week high of ~$240.