In the first quarter of 2022, Visa’s crypto cards processed $2.5 billion

<p>During the first quarter of 2022, payment processing behemoth Visa Inc. V +10.6 percent + Free Alerts processed a significant volume of transactions involving crypto-backed payment cards.</p> <p>What Happened: According to a Friday CNBC report, Visa processed $2.5 billion in crypto card payments in the first quarter of 2022. This is said to be equivalent to roughly 70% of the total volume of crypto card payments processed by the company in 2021. According to Visa CFO Vasant Prabhu, this demonstrates that "consumers see utility in having a Visa card linked to an account at a crypto platform."</p> <p>Prabhu also sees "value in being able to access that liquidity, to fund purchases and manage expenses, and to do so instantly and seamlessly" with cryptocurrency. He promised that the company will continue to develop crypto products and work to "be a key partner in providing the connectivity, scale, consumer value proposition, reliability, and security that is required for crypto offerings to grow."</p> <p>According to Prabhu, the data also shows that crypto card spending is not concentrated on a specific merchant vertical, and that people are using such spending tools as a general-purpose account. He also stated that despite the volatility of the cryptocurrency market, this payment volume has been increasing.</p> <p> </p> <p><a href='http://paypal.me/cryptopirates'>Support us!</a></p>