Consumers used Visa’s crypto-linked cards to spend more than $1 billion in bitcoin in the first six months of this year, according to Visa. Only a small portion of this sum in crypto was spent in the same time period in the previous two years, according to the report.
Visa CFO Vasant Prabhu highlighted how the payments giant was working to make cryptocurrency as usable as any other cash in an article for CNBC.
“We’re working hard to build an environment that will make a cryptocurrency more useable and similar to traditional currencies. People are looking at how they might utilize cryptocurrencies for activities that they would normally use the traditional currency for.” “There are a lot of difficulties in terms of volatility, etc.,” he continued. However, it is the responsibility of cryptocurrency owners to maintain and track their assets.”
According to a recent study published by Visa’s main rival Mastercard, 93 percent of North American consumers are considering using bitcoin and other kinds of digital payments in the coming year. The study also found that 75% of millennials would try cryptocurrencies if they had a better understanding of them.
With the launch of a card this summer, Mastercard is moving forward with its crypto aspirations. Customers will be able to earn cryptocurrency incentives when they make purchases using the card. The plan will be run in collaboration with the Winklevoss twins’ Gemini cryptocurrency exchange.
Returning to Visa, the firm stated that Sam Bankman-cryptocurrency Fried’s exchange will be included in its Fintech Fast Track Program, which aims to make bitcoin a more viable means of payment for consumers and businesses.
CFO Prahbu responded to the question of whether Visa would add cryptocurrency to its financial sheet:
“At this time, we do not have any cryptocurrencies on our financial sheet. On our balance sheet, we keep the currencies we require to run our business. We have currencies in which we are paid or in which we pay others. The dollar, euro, and pound are the most common examples. So we have no plans to store crypto money because it isn’t normally how we are paid or how we pay people,” said the company.
Cryptocurrencies and other kinds of digital payments, according to Visa, have the potential to disrupt the $18 trillion in annual worldwide payments.