Visa, which is one of the most popular payment companies globally, revealed that their recent earnings from their crypto-linked card usages are $2.5 billion (roughly estimated about Rs. 18,685 crores), in the first fiscal quarter of 2022. The payment company has made a certain point to show their support toward the globally wide digital currency adoption.
This huge earning is only 70% of the company’s crypto volume for the whole fiscal year of 2021. Visa has provided a platform for the crypto-linked debit card for quite some time now. But considering it all, it is still a processing company for new crypto credit cards, for example, BlockFi Rewards credit cards.
Vasant Prabhu, Visa CFO, stated to CNBC in an interview, that crypto card users are using their new crypto-linked cards as their normal credit cards for general purposes, like for purchasing everyday things. Which made us see this as users see benefits in having cards linked with crypto accounts. He says the customers see value in this way because it lets them use that liquidity to make their regular purchases and manage their day-to-day expenses without any hassles.
He also points out that this high movement happened when the crypto market was volatile.
The cause of this boosted adoption in recent times is because of Visa’s recent investment in international digital currencies. If you have been planning to get in on the crypto trend then right now is the best time to do so. With ever-increasing prices it might become out of reach for most in some time.