Visa reports card usage hit $2.5 billion
Visa reports its recent earnings call that customers made $2.5 billion in payments with its crypto-linked cards in its fiscal first quarter of 2022.
“People are using their crypto-linked cards to spend in a variety of ways — retail goods and services, restaurants, travel,”
-Visa CFO Vasant Prabhu told CNBC
Visa has started a crypto consulting service and invested in crypto platforms as part of a push for digital currency adoption.
In addition, Coinbase launched its own debit card in an effort to promote the use of cryptocurrencies in payments.
That was 70% of the company’s crypto volume for all of fiscal 2021.
“To us, this signals that consumers see utility in having a Visa card linked to an account at a crypto platform, in order that they fund their daily purchases and manage expenses, instantly and seamlessly,” Visa CFO Vasant Prabhu told CNBC
*Visa shares rose 25% during 2021
