Visa 2022 Crypto Report is Out – Usage Of Cards Funded By Crypto Booms

Visa 2022 Crypto Report is Out – Usage Of Cards Funded By Crypto Booms

Crypto adoption on a mass scale has been going great since it became the main goal set by the crypto space. There have been a lot of moves in this direction and the successful news continues.

Visa’s report is out

Buy Property with Cryptocurrency

The online publication the Daily Hodl notes that the global payments titan Visa says that the usage of cards funded by cryptos has surged in the fiscal first quarter of 2022.

CNBC cites Visa’s most recent earnings call where Visa said that customers are using crypto-loaded cards at a record pace as the company recorded $2.5 billion in payments from October to December 2021 (fiscal Q1 of 2022).

The number represents 70% of Visa’s crypto-related volume for all of fiscal 2021.

During an interview with CNBC, Visa’s chief financial officer Vasant Prabhu said the following:

“To us, this signals that consumers see 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.”

Prabhu also explained that people are using crypto-loaded cards to buy daily items and services as Visa are growing their network of crypto wallets.

“Looking at the broad categories of spend, we don’t see the volume concentrated in a specific merchant vertical with these programs. People are using crypto-linked cards to spend in a variety of ways – retail goods and services, restaurants, travel. They’re increasingly being treated like a general-purpose account…”

The report also revealed that crypto rewards are an important part of these card programs especially for clients/consumers who are new to crypto.

Even if these individuals are not directly investing in it, they are excited for the opportunity to earn crypto as they spend fiat.

Mass crypto adoption continues, and you should stay tuned for more exciting news.


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