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VISA CRYPTO CREDIT CARD SURPASSES $2.5B IN PAYMENTS

 


The payment service provider Visa already has some cooperations that have resulted in crypto credit cards. In the first quarter of 2022, more than 2.5 billion dollars were already used for payments with Visa crypto credit cards.


Crypto credit cards on the rise

The path of cryptocurrencies is still rocky. However, the relatively young industry has already had some successes. There are more and more institutions and celebrities investing in cryptocurrencies.


Payment service providers such as Visa or Mastercard do not miss the opportunity offered by cryptos either. Mastercard announced last April that it would partner with crypto exchange Gemini to create a crypto credit card. Users of these can get up to 3% of their purchase back.


Visa is already one step further. The payment service provider has increased the number of accepted crypto wallets from 54 to 65 this quarter. Cooperation partners include Coinbase and Crypto.com. A total of almost 100 million merchants worldwide now accept cryptocurrencies from Visa as a means of payment. The areas of application are completely different.


Visa CFO Vasant Prabhu states:


When we look at the broad spend categories, we don't see that these programs have volume concentrated in a specific merchant industry. People use their crypto-bound cards to spend money in a variety of ways – retail goods and services, restaurants, travel. They are increasingly being treated like a general purpose account.



$2.5 billion in payments

This statement by Prabhu is confirmed by the quarterly figures released by Visa . Visa's report reveals that over $2.5 billion has been spent on Visa crypto credit cards.


Thus, a huge increase was recorded in the first quarter of 2022. Over the past year, just $1.75 billion has been spent on Visa's crypto credit cards -- about 70% of the value in Q1 2022.


Prabhu further elaborates:


To us, this signals that consumers see value in linking a Visa card to an account on a crypto platform. There's value in being able to access this liquidity to fund purchases and manage expenses—instantly and seamlessly.


Reward in the form of crypto

Visa's crypto credit cards all have a similar model. You can use your credit card to pay for some merchants with cryptocurrencies. The other perk that attracts many users is some kind of reward.


Credit card users get money back after purchasing any product. This gives users the opportunity to use the crypto credit card to buy goods in a fiat currency and receive a reward in the form of cryptocurrencies. The amount of the reward is a certain percentage of the purchase value, which differs from credit card to credit card. 

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