Crypto-Linked Visa Cards Processed Over US$1 Billion in the First 6-months of 2021

Visa has said in its report that over US$1-billion were spent on their cryptocurrency-linked Visa cards in the first half (first 6-months) of 2021. The leading payments firm says “it’s clear that the crypto community sees value in linking digital currencies to Visa’s global network.”

Visa says digital payments such as cryptocurrency can disrupt $18 trillion  annual consumer spending - Crypto News

It has highlighted the relationship Visa has made with over 50 cryptocurrency platforms including, BlockFi, Coinbase, and many more. All these crypto companies have issued Visa-powered payment cards, which allows their users to spend cryptocurrencies across 70 million merchants the world over. The crypto-linked Visa cards are capable of holding multifarious cryptocurrencies (including Bitcoin and Ethereum) and US Dollar-pegged (or generally speaking fiat-backed) stablecoins.

The main reason for the popularity of crypto-linked Visa cards among merchants is that the Visa-based crypto cards transactions are converted to fiat currencies. Visa explained this by saying:

“These programs don’t require [stores] to directly accept cryptocurrencies at the checkout. It’s the magic of “tap and go” without the complexity of new acceptance points or cryptographic keys.”

Visa has made it clear that it will continue its support for cryptos within its payment ecosystem. The company went on to note that Sam Bankman-Fried headed cryptocurrency exchange, FTX, would be added to its Fintech Fast Track Program. This crypto exchange plans in making payments to 50% of its employees with USDC stablecoin.

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