More than $1 billion spent on crypto-linked cards in 2021, VISA says 🚨 This article is 3 years old...
More than $1 billion spent on crypto-linked cards in 2021, VISA says
Global payments giant partners with 50 of the leading crypto platforms on card programs in order to bridge crypto and fiat in everyday transactions.
2 min read
Updated: Jul. 8, 2021 at 6:07 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Visa announced its crypto-linked cards experience continues to grow as it records more than $1 billion spent in the first half of 2021.
An American multinational financial services corporation facilitates electronic transactions via credit, debit and prepaid cards across the world and its announcement suggests a significant kickoff exposure rate for crypto that can only progress due to its growing partnership network.
Forged partnerships with crypto platforms
Visa partnered with 50 of the leading crypto platforms on card programs in order to enable customers to spend cryptocurrencies at 70 million merchants worldwide.
Cryptocurrency exchanges, such as Coinbase, Crypto.com and FTX, are among the biggest that paired up with Visa in order to facilitate crypto payments in everyday transactions.
“These programs don’t require coffee shops, dry cleaners, or grocery stores to directly accept cryptocurrencies at the checkout,” according to the global payments giant that claims to help bring “the magic of tap and go without the complexity of new acceptance points or cryptographic keys” to both crypto natives and new adopters.
Visa is also implementing an old-school loyalty and rewards concept on crypto, with developing programs that let users spend fiat and earn crypto rewards, “similar to other cards offering rewards programs for airline miles or hotel points.”
BlockFi, a US-based crypto lending platform recently announced the launching of its BlockFi Rewards Visa signature credit card.
Direct acceptance of payments in crypto
Launched in late March, the direct acceptance of payments in the USD Coin (USDC), a stablecoin backed by the US dollar, introduced cryptocurrency to its settlement platform, enabling financial institutions to settle with Visa in crypto.
The global payments giant recorded $37,6 billion in total processed transactions during the first year’s quarter, which defines the sum spent on crypto-linked cards as a small portion of the transfers facilitated through the network.
“For the tens of millions of people using regulated digital wallets, one of the simplest ways to spend crypto is through a Visa card,” according to the company, which says it’s “more important than ever for financial institutions of all stripes to establish a crypto strategy.”
Given the growing infrastructure Visa is building through numerous partnerships with crypto platforms, it could be expected its user-friendly “tap and go” practicality will make further crypto adoption run smoother and exposure rate grow faster.
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USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.