Visa users made $2.5 billion in payments from crypto-linked cards in Q1 2022
In December, the company had also launched its crypto consulting services – Global Crypto Advisory Practice for its clients and partners such as financial institutions including banks.
Visa customers made more than $2.5 billion in payments from crypto wallet-linked cards during the company’s first financial quarter of 2022 ended December 31, according to its Chairman and CEO Al Kelly. This was, in fact, 70 per cent of its total crypto payment volume in fiscal 2021. “This quarter (October-December), Visa credentials and crypto wallets had more than 2.5 billion in payments volume, which is already 70% of the payments volume for all of fiscal 2021,” Kelly said during the company’s earnings call on Thursday.
The CEO further informed that the company has already partnered with more than 65 cryptocurrency platforms and exchanges as its partners, up from 50 in July last year, to launch card programs that make it easy to convert and spend digital currency at millions of merchants worldwide. Visa had recorded over $1 billion spent on crypto-linked Visa cards in the first half of 2021. In March last year, Visa had announced the adoption of cryptocurrency to settle transactions on its payment network.
“In addition to embedding credentials and crypto platforms, we continue to innovate around our settlement and crypto API capabilities, which have been key differentiators for us for fintechs and financial institutions that are looking to extend crypto capabilities to their customers,” said Kelly.
“We will continue to lean into the crypto space. And our strategy is to be a key partner to provide the connectivity, scale, consumer value propositions, reliability, and security that is needed for crypto offerings to grow,” he added.
In December, the company had also launched its crypto consulting services – Global Crypto Advisory Practice for its clients and partners such as financial institutions including banks. The offering was to help businesses “evaluate the crypto opportunity, develop concrete strategies, and pilot new user experiences and innovations like crypto rewards programs and central bank digital currency (CBDC)-integrated consumer wallets,” the company had said.
Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.