Adoption is strong! Crypto financial cards have processed over $1 billion in payments in six months, says Visa CFO: We want to make cryptocurrencies more like currency

Visa recently revealed a positive outlook on crypto payments, including over $1 billion spent on crypto-linked cards and plans to collaborate with institutions like FTX and Coinbase to make cryptocurrency conversions easier. The CFO emphasized, "We want to make cryptocurrency more like any other currency."

Cryptocurrency Payments Exceed $1 Billion in FinTech

According to a report, Visa estimated that cryptocurrency payments in 2019 and 2020 only made up a small portion compared to this year. Chief Financial Officer Vasant Prabhu stated:

We are investing a lot of resources to create an ecosystem that makes cryptocurrencies more functional and more like any other currency.

Visa did not disclose the exact amount, and the $1 billion is not solely from "cryptocurrency" payments, some are related to fiat currencies. The CFO also emphasized that cryptocurrencies have many issues in terms of volatility and rely on project parties for control.

Partnerships with Over 50 Cryptocurrency Companies

Visa also announced that it is collaborating with over 50 cryptocurrency companies, including FTX and Coinbase, allowing users to spend and convert cryptocurrencies using their financial cards.

FTX will also join Visa's Fintech Fast-Track Program. Visa's head of cryptocurrency, Cuy Sheffield, pointed out:

More and more users are holding and trading cryptocurrencies, but millions of merchants do not understand cryptocurrencies. They do not want to update their payment mechanisms or understand what blockchain is. Merchants do not need to do anything, it's the same as swiping a card, but the cryptocurrency assets will be immediately converted to fiat currency on the backend.

Optimistic, But Not Holding

Previously, both the CEOs of PayPal and Visa have expressed that cryptocurrencies have significant demand and potential, potentially disrupting the global annual $18 trillion cash and check expenditure.

However, PayPal CEO Dan Schulman explicitly stated in a previous interview that he does not like assets with significant volatility. Visa's CFO Vasant Prabhu also mentioned:

Cryptocurrencies are not on our balance sheet; we only hold the currencies needed for our operations, what we hold is what we earn or pay out to users, usually in dollars, euros, or pounds. We have no plans to hold cryptocurrencies; it's not how others pay us or how we pay employees.