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Visa Card Holders Spend Over $1B in Crypto in the First Half of 2021

Brian Njuguna   Jul 08, 2021 07:10 2 Min Read


   

More than $1 billion worth of crypto have spent in the first six months this year by consumers globally, Visa announced Wednesday. Attributed to cryptocurrency adoption continues to scale the heights, the payment giant acknowledged that this amount spent on goods and services by using its crypto-linked cards primarily. 

Making cryptocurrencies more usable

According to Visa’s 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.”, Prabhu added.

Visa continues to show its commitment to making cryptocurrencies go mainstream. It recently revealed plans to incorporate the FTX crypto platform into its Fintech Fast Track Program to make cryptocurrencies more practical for business and consumer spending.

In March, Visa’s CEO, Alfred Kelly, announced the company planned to work with Bitcoin wallets to enable the more straightforward conversion of BTC to fiat currencies

Visa’s Network Enjoys a High Rate of Cryptocurrency Buying

Prabhu pointed out:

“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.”

More consumers are being inclined towards cryptocurrency usage, as acknowledged by a recent Mastercard research. Reportedly:

“93% of North American consumers plan to use cryptocurrency or other emerging payment technology, such as biometrics, contactless, or QR code systems, in the next year.”

More corporates are jumping on the cryptocurrency bandwagon. Luxury hotel and resort group Pavilions is now accepting cryptocurrency bookings, 

Therefore, becoming the first international luxury boutique hotel group to accept cryptocurrency for reservations by up to 40 types of cryptocurrencies.

Furthermore, social media giants Twitter and Instagram plan to develop a non-fungible tokens (NFTs) feature on their apps. 


Image source: Shutterstock

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