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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



Source: Visa/Cnbc
Photo credit:Visa.inc