Visa crypto-linked wallets see over $2.5 billion worth of transactions in 2022

In the first quarter of 2022, Visa customers made over $2.5 billion with the company’s crypto-linked cards. The financial service company has revealed that its crypto wallet partners currently number over 65, while the number of merchants rose to almost 100 million.

In a recent earnings call, the company stated that the $2.5 billion comprises “70% of the payments volume for all of fiscal 2021.”

According to CEO Al Kelly, the additional crypto wallet partners are meant to make the experience of spending digital currency easier and more seamless for Visa’s customers.

Last March 2021, the company opened its doors to cryptocurrency by accepting virtual currency payment methods. Following the decision, Visa saw over $1 billion in payments through crypto-linked cards. Furthermore, the company launched the Global Crypto Advisory Practice, a crypto consulting service, in December of 2021.

“To us, this signals that consumers see [the] utility in having a Visa card linked to an account at a crypto platform. There’s value in being able to access that liquidity, to fund purchases and manage expenses, and to do so instantly and seamlessly,” VISA CFO Vasant Prabhu told CNBC.

During the earnings call, Kelly said, “We will continue to lean into the crypto space and our strategy is to be a key partner to provide the connectivity, scale, consumer value proposition, reliability, and security that is needed for crypto offerings to continue to grow.”

Source: Prestige Online