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Visa Announces Crypto Credit Card Usage Reached $2.5 Billion in Q1

Visa revealed that its clients made $2.5 billion in payment using its crypto-linked cards in Q1 2022 which is a growth of 70% of all crypto-card volume throughout fiscal 2021.

Vasant Prabhu, the CEO of Visa, declared:

“To us, this signals that consumers see utility in having a Visa card linked to an account at a crypto platform.”

In the first half of 2021, just $1 billion had been spent in crypto via Visa cards.

A crypto-linked card lets Visa clients spend crypto anywhere even in cases where merchants aren’t familiar with the asset class. They receive the transaction in fiat, just like any Visa transaction, with the payment processor being in charge of handling conversions on the back end.

Prabhu declared:

“People are using their crypto-linked cards to spend in a variety of ways—retail goods and services, restaurants, travel. They’re increasingly being treated like a general purpose account.”

Visa also confirmed it increased its number of collaborations for facilitating the service to 65 from 54, including companies such as BlockFi, Coinbase, and Circle.

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