Payment processing giant Visa Inc. (NYSE:V) processed a significant volume of transactions performed with crypto-backed payment cards during the first quarter of 2022.
What Happened: Visa announced that it processed $2.5 billion worth of crypto card payments in the first quarter of 2022, according to a Friday CNBC report. This is purportedly equivalent to about 70% of the volume of crypto card payments that the company processed during the whole of 2021. Visa CFO Vasant Prabhu told CNBC that this shows "that consumers see utility in having a Visa card linked to an account at a crypto platform."
See Also: BEST CRYPTO CREDIT CARDS
Prabhu also said that he sees "value in being able to access that liquidity, to fund purchases and manage expenses, and to do so instantly and seamlessly" with crypto. He promised that the company will continue developing crypto products and work 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."
Prabhu highlighted that the data also shows that crypto card spending is not concentrated on a specific merchant vertical and people are using such spending tools like a general-purpose account. He also said that this payment volume has been growing despite the crypto market's volatility.
