The increase in Visa cryptocurrencies shows the repayment of investments

CFO Vasant Prabhu said CNBC that consumers spent more than $ 1 billion on goods and services using cryptocurrency-related cards in the first half of 2021. Volume in 2019 and 2020 was only a fraction of that half. Visa counts three key encryption-based card partners – BlockFi, Circle and Coinbase – and cardholders can use the cards in more than 70 million merchants worldwide.

Visa earned more than $ 2.4 trillion in payment volume in the second quarter of 2021

Visa earned more than $ 2.4 trillion in payment volume in the second quarter of 2021.

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In the US, 18% of customers said they would likely use cryptocurrencies to make a purchase this year, according a PYMNTS and BitPay survey. A similar Mastercard index found that 40% of global consumers intend to do so use cryptos by the end of the year. This number reflects growing interest, with a particularly high appetite for Gen Zers – trends reflected in Visa’s vast H1 encryption suite. And there is a long way to go as cryptos still make up just 0.02% of Visa total sound volume in the period.

Visa is keeping an eye on cryptos – and these ambitions seem to be paying off, something that could help it recover and keep it at the forefront of payment innovation.

  • Earlier this year, Visa CEO Al Kelly famous that the company wanted to invest in cryptocurrencies – although at the time, it noted that volatile assets such as Bitcoin were usually treated more as assets than as a means of payment, a trend that current results may prove. Prabhu told CNBC that the network wants to make cryptos more like a fiat currency, which could reflect a change of attitude. But it can also do more preview aggressive promote central bank fixed currencies and digital currencies (CBDCs), which can help alleviate challenges such as volatility and make encryption transactions simpler. The network should also be aware of the regulatory challenges that lie ahead.
  • The doubling of encryption shows Visa’s commitment to evolving alongside the payment space. Competition in cryptos is growing, among other networks – Mastercard is inception a card in collaboration with Gemini this summer and a recent Discover tenancy displays encryption and fintechs, such as PayPal’s Checkout with Crypto selection. Pursuing its ambitions for card-based encryption options, Visa can’t just sue young partners and expand the address it targets, but also ensure that it does not lose volume to fintechs or other competitors. Preventing mediation will be crucial to maintaining the pandemic recovery as spending normalizes: Visa was published 11% global growth in the first quarter of 2021 – approaching pre-pandemic levels in some markets.

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