During the recent earnings call, Visa stated that its customers made $2.5 billion in payments using its crypto-linked cards during the first fiscal quarter of 2022. That’s over 70% of the company’s total crypto volume during its previous fiscal year, signalling increased adoption of digital asset payments.
“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,” said Visa CFO Vasant Prabhu in an interview with CNBC.
“We will continue to lean into the crypto space and our strategy is to be a key partner to provide the connectivity, scale, consumer value proposition, reliability and security that is needed for crypto offerings to continue to grow,” said Visa CEO Al Kelly on the earnings call.
The company also announced its network of crypto wallet partners is growing from 54 to more than 65, including Coinbase, Circle and BlockFi. The number of merchants accepting crypto as payment also grew to almost 100 million.