Visa Reports Over $1 Billion Total Spent on Crypto Transactions in Just Six Months
The global payment company, Visa, has stated that over $1 billion in digital currency was spent via crypto-linked Visa cards within the first two quarters of 2021. With Visa’s more extensive support of cryptocurrency, the company’s latest announcement was the addition of USDC as payment for any transactions through its system.
Vasant Pabhu, Visa’s CFO, said that they are making efforts to create an ecosystem that uses cryptocurrency like any other currency, since people are trying other ways whereby they can use crypto as payment for their goods. However, there are no plans, as yet, to add cryptocurrency to their balance sheet, since this is not part of their payment system for running the company.
Visa is partnering with over 50 major companies in the crypto industry, including Circle, Coinbase and BlockFi. These current partners allow Visa cardholders to spend their digital currency at more than 70 million merchants globally. Visa presumes that crypto-linked cards, together with QR codes and biometrics, could displace the $18 trillion spent in cash and checks annually, worldwide.
Visa will continue to pursue the expansion of its network, in order to provide more reliable and accessible financial services to its clients.
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