Users of crypto linked visa cards paid $2.5 billion in first fiscal quarter of 2022. Using Visa’s crypto-linked cards, customers made payments totaling $2.5 billion. (Approximately Rs. 18,685 crore) during the first fiscal quarter of fiscal year 2022. Which ended on December 31, according to the company. When the information was revealed. It was during an earnings call that was broadcast live on the internet, according to the company. Visa is a well-known company in the payment network market. And it has a global presence in this area.
According to the overall volume of crypto-card transactions during the fiscal year 2021. That ended on September 30, 2021. This represents a significant increase in the use of digital asset payments. In recent weeks, with more than 70% of total crypto-card transactions. During the fiscal year 2021 that ended on September 30, 2021. Accounting for more than 70% of total crypto-card transactions during that period.
When Vasant Prabhu, the CEO of Visa, was asked about the development. In an interview with CNBC, he expressed his excitement over the development. Having a Visa card in conjunction. With a bitcoin platform account “indicates to us that consumers appreciate. The simplicity of managing transactions and financing payments. In real time and without interruption,” he said. Referring to the benefits of using a Visa card. In conjunction with a bitcoin platform account.
Consider the following: Bitcoin-linked cards can be used to purchase goods. And services anyplace Visa accepted. Without the need for merchants to be aware that they are transacting. With a digital asset class. Similarly to normal Visa transactions. Retailers will continue to accept payments in fiat currency. Only with payment processor handling any currency conversions on the backend of the transaction.
Only $1 billion in users of crypto was spent on Visa
It was estimate that just $1 billion (approximately Rs. 7,470 crore). Had spent in cryptocurrency using Visa’s cards. During the first half of 2021. While minor in comparison to previous years. It represents a significant portion of the cryptocurrency. Spending volume that Visa processed in 2019. However CNBC reported in July that Visa did not reveal specific figures at the time.
During the business’s earnings call, Visa CEO Al Kelly stated. That the company has worked with more than 65 cryptocurrency platforms and exchanges. Including Coinbase, Circle, and BlockFi, in order to issue Visa credentials. Visa crypto payments now accepted. By more than 100 million merchants in the Visa network, according to the company.
As part of our commitment to innovation, we are continuing to develop our settlement. And crypto API capabilities, which have proven to be major differentiators. For us among fintech and financial institutions seeking to offer crypto capabilities. Directly to their clients.
As part of its “lean into the crypto market,” Kelly said Visa is working to improve areas. Such as connection and scale, as well as consumer value propositions, reliability, and security. In order for crypto products to continue growing. It announced in December that the company. Would begin offering crypto-consultation services to its clients in order to encourage financial institutions. To become involved with the asset class.
A partnership with artist Micah Johnson has also formed by the payments behemoth. To educate artists on how non-fungible tokens (NFTs). May used to help them monetise their art and promote their careers.