Visa said on Wednesday that more than $1 billion in cryptocurrencies had been spent by consumers all over the world. They have spent it on goods and services with their crypto-linked cards in the first half of the year.
As per the comparison, Visa has estimated the spending for crypto only in a fraction of the amount that had been in the same period during the previous two years. They haven’t yet released the exact numbers.
Vasant Prabhu, the Visa CFO, said, “We are doing a lot to create an ecosystem that makes crypto currency more usable and more like any other currency.” He also said, “People are exploring ways in which they can use cryptocurrencies for things they would use normal currencies for.” He further added, “There are lots of issues in terms of volatility, etc. But that’s up to the owners of cryptocurrencies to manage and track.”
As per the recent research from the Visa rival MasterCard, 93% of the North American consumers use crypto or other payment technology like biometrics, QR code, etc. The study is also showing that 75% of millennials would use crypto if they get to know it better.
There is a lot of volume in their network as people are buying crypto at various regulated exchanges. The trend is now continuing.
This summer, MasterCard will launch its card with Gemini. The card will allow consumers to earn more crypto as a reward. Cardholders will not be permitted to access their digital wallet on-site.
Visa has also announced that the FTX crypto platform would be added to the Fintech Fast Track Program. It is focusing on making cryptocurrency more practical for consumers and businesses.
Circle, BlockFi and Coinbase, went public on the Nasdaq. They are the current Visa partners who are allowing cardholders to spend from their crypto wallets at more than 70 million merchants.
The market cap of bitcoin has topped $1 trillion for the first time in February. It has hit an all-time high near $65000 in April. However, it has fallen by 45% since then.
Visa has no short-term plans for adding any cryptocurrency to the balance sheet like MicroStrategy, Tesla, and other companies.
“We don’t hold crypto currencies on our balance sheet today. We hold currencies on our balance sheet that we need to run our business. We hold currencies that we get paid in or we pay people in. That tends to be the dollar, euro, and pound. So we don’t have plans to hold crypto currency because it’s not typically the way we get paid or the way we pay people,” Prabhu said.