Visa says that the use of crypto-bound cards has reached $ 1 billion in the first six months
Visa says that the use of crypto-bound cards has reached $ 1 billion in the first six months
- The crypto-connected card was described as an important development because, according to Visa, consumers spent over $ 1 billion for goods and services in the first half of the year.
- Mastercard also estimates that 75 percent of the millennials are ready to use cryptos if they understand it better and therefore have developed their own.
Visa works with Crypto.com with regard to crypto-based premies credit cards. In March of this year, they announced that they would accept payments directly in the cryptocurrency USDC. According to a , consumers have accepted the crypto-linked cards with over $ 1 billion for goods and services in the first half of the year. In the same period of 2019, consumers spent a fraction of this sum.
According to Visa CFO Vasant Prabhu, they are working on the fact that cryptocurrencies are better usable than any other currency.
People are researching opportunities that can use cryptocurrencies for things for which they would use normal currencies. There are many problems in relation to volatility, etc. But that is the responsibility of the owner of cryptocurrencies that you have to manage and persecute.
Visa currently has several partners, including Coinbase, Blockfi and Circle, who enable map owners, to spend money directly from their crypto wallets around the world.
VISA does not intend to record crypto in his balance sheet in the near future
According to Visa, the FTX cryptocurrency platform for its FinTech-Fast track program is added to make crypto for consumer and business output more practical. Data estimates that $ 18 trillion is spent on cash and checks worldwide every year. In the short term, crypto-connected cards and other payments, including QR codes and biometry, could win the upper hand. However, Prabhu has announced that, unlike other companies, Visa does not intend to include cryptocurrencies in his balance sheet.
We do not keep any cryptocurrencies in our balance sheet today. We keep currencies in our balance sheet that we need for our business. We hold currencies that we are paid for, or we pay people. These are usually dollars, euros and pounds. So we have no plans to keep cryptocurrencies because we are normally not paid for or pay people.
Prabhu also confirmed that the number of users has increased in their network.
We see a lot of volume on our [Network] of the people who buy cryptocurrencies on these various regulated stock exchanges, and as far as we can see, this trend continues.
recently published the Visa rival Mastercard research notes in which estimated 93 percent of North Americans are planning to use cryptocurrency and other emerging payments such as biometrics and QR codes next year. In addition, 75 percent of millennials are ready to use cryptos if they understand it better.
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Mastercard has decided to work with the Gemini crypto tour so that consumers can earn crypto as a reward. However, card holders must not access crypto wallets on the website.
Source: Crypto-news-flash.com
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