Crypto-card usage is rising
Payment giant Visa revealed yesterday that the amount of transactions from cryptocurrency debit and credit cards had increased massively over the past few months. According to the company, more than $1 billion was spent on cryptocurrency cards in the first half of the year.Visa said the growth is seen in various parts of the world and is a massive increase from what was obtained in 2020 and 2019. However, the payment giant didn’t release the exact figures. Visa CFO Vasant Prabhu said, “We are doing a lot to create an ecosystem that makes cryptocurrency more usable and more like any other currency. People are exploring ways in which they can use cryptocurrencies for things they would use normal currencies for. There are lots of issues in terms of volatility, etc. But that’s up to the owners of cryptocurrencies to manage and track.”
Use of Visa cards to buy cryptos is increasing
The CFO also confirmed that the company is seeing an increasing number of requests to purchase cryptocurrencies using its debit and credit card. A recent survey by MasterCard revealed that 93% of North American consumers say they intend to use cryptocurrency or other new payment technology, like biometrics, contactless, or QR code systems, over the coming year.“We see a lot of volume on our [network] of people buying cryptocurrencies at these various regulated exchanges, and as far as we can see, that trend continues,” Prabhu added. The data indicates that cryptocurrency adoption is rising despite the current bearish trend in the market.
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