Visa announced on Wednesday that in the first half of 2021, the worldwide use of crypto-linked cards exceeded more than $1B in the purchase of products and services.
In comparison, Visa projected cryptocurrency spending at a fraction of that amount in the same periods last year and this year. The payments behemoth did not provide specific figures.
“We are working hard to build an environment that will make crypto money more useful and more like any other currency,” Visa CFO Vasant Prabhu told CNBC. “People are looking at methods to use cryptocurrencies for things that they would normally use traditional money for.” “There are a lot of concerns in terms of volatility, etc.,” he continued. However, it is the responsibility of cryptocurrency owners to manage and track this.”
In the coming year, American customers would want to adopt cryptocurrencies or other new payment technology. According to new research, 75% of millennials would use cryptocurrency if they had a better understanding of it.
This summer, Mastercard will introduce a card in collaboration with Gemini. As an incentive, users will earn Bitcoin using the card.
Circle, BlockFi, and Coinbase, which went public on the Nasdaq in April, are current Visa collaborators that allow cardholders to spend Bitcoin wallet funds at over 70 million retailers worldwide.
Coinbase and BlockFi are the most recent firms to announce Visa agreements. Customers in the United States will get rewards in Stellar Lumen and Bitcoin when they use a Visa debit card beginning in October 2020.
The firm intends to form alliances with over 50 companies throughout the world.
According to Visa, crypto-linked cards and other new payments like biometrics and QR codes have the potential to disrupt the $18 trillion spent globally on cash and cheques each year.
Visa has no immediate intentions to add cryptocurrencies to its balance sheet, like Tesla, MicroStrategy, and other firms have lately done. On July 27, the firm will release its quarterly profits. In February, Bitcoin's market capitalization surpassed $1 trillion for the first time.