Payments giant Visa has revealed in its recent earnings call that customers made $2.5 billion in payments using its cryptocurrency-linked cards in its fiscal first quarter of the year. The figure represents 70% of the company’s crypto volume for all of fiscal 2021.
According to CNBC, Visa’s CFO Vasant Prabhu noted that the figure signals that “consumers see utility in having a Visa card linked to an account at a crypto platform,” and that they see value in “being able to access that liquidity, to fund purchases and manage expenses.”
The company’s CEO, Al Kelly, said on the earnings call:
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.