Visa crypto cards payments hit $2.5 billion in the fiscal Q1 2022

Visa revealed that cryptocurrency-linked card usage hit $2.5 billion in its first fiscal quarter of 2022. The payments company has shown a significant effort to support widespread digital currency adoption.

In a recent earnings call, the company announced that its crypto-linked card usage hit $2.5 billion in its most recent quarter. That figure is 70% of Visa’s crypto volume for the entire fiscal year 2021, which means that the adoption of crypto-backed cards is increasing significantly.

Visa has provided a platform for crypto-linked debit cards for some time, but it’s also the processing company for new credit cards like the BlockFi Rewards Credit Card.

Vasant Prabhu, Visa CFO, noted in an interview with CNBC that card users are treating their crypto-linked cards as general-purpose accounts, using them to make everyday purchases.

“To us, this signals that consumers see the 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,” he said.

Following its big reveal with its crypto card volumes, Visa has taken another step towards expanding its reach in the crypto market. This time around, the payments giant is going after crypto exchanges and platforms, of which it has made more than 65 partnerships in the space.

The company recognizes the potential that crypto payments present and enables new ways to pay for its customers.

Visa CEO Al Kelly noted this in a recent conference where he presented the company’s strategy from now on. It continues to provide ways for players in the crypto space to connect seamlessly with fiat, and its newly announced partnership will help it achieve this.

“We’re also providing on-ramps for crypto players creating connectivity with fiat economies,” Kelly said. “There are over 65 crypto platforms and exchanges that have partnered to issue Visa credentials.”

Visa does not yet hold any crypto on its balance sheet and has never expressed that it will do so. However, the company continues to make strides in the crypto space towards making crypto payments a mainstream service.

A recent Visa survey showed that almost 25% of small business owners across 9 countries, including Brazil, Singapore, UAE, and Hong Kong, intend to embrace digital currencies as a form of payment in 2022. Also, 13% of consumers in these countries predicted retail stores will begin allowing crypto settlements in the next 12 months.