Visa processed $2.5 billion in crypto-card transactions over three months

Users of Visa-powered crypto cards conducted transactions totaling $2.5 billion in October–December 2021. The figures were disclosed by CFO Vasant Prabhu during an analysts’ briefing, CNBC reports.

The figure for the first fiscal quarter of 2022 stood at 70% of the full-year 2021 total ($3.5 billion).

“Consumers see value in linking a Visa card to a crypto-platform account. The value lies in instant and seamless access to this liquidity, financing purchases and managing expenses.” — the executive said.

The CEO Alfred Kelly reminded that Visa’s strategy envisions positioning as a hub in the crypto space — providing the conditions for connectivity, scalability, and value creation for consumers in a secure and reliable environment.

According to the company’s data, the number of its crypto-card issuing partners rose from 56 to 65, including Coinbase, Circle, FTX, Bakkt and BlockFi. The number of merchants accepting digital assets nearly reached 100 million.

“Customers use crypto-linked cards for a variety of spending — paying for retail goods and services, restaurants, travel. They are increasingly treated as a general-purpose account.” — Prabhu explained.

Earlier in December 2021 Visa announced the creation of a new advisory division to help clients navigate cryptocurrencies.

The firm is also developing products aimed at stablecoins and central bank digital currencies (CBDCs).

Earlier Visa announced a partnership with blockchain company ConsenSys to develop a module designed to help central banks and financial institutions create user-friendly services atop CBDC networks.

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