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VISA’s Crypto customers end up spending $1B alone during the first Half of 2021

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Jul 8, 2021

Technology keeps running fast forward, pacing up with every rising day. The same is the case with another technology offering which we know today as Crypto. The world of digitalization has become the new normal, especially amid the post-pandemic era in which we live today. We now live in a world where we no longer need to carry plastic money, let alone cash.

If we just do a flashback of the late 90s and early 2000s could we imagine that a new wave of such sort (crypto) will revolutionize our financial matters?

Many of us thought that paper currency turning into plastic is our last train stop in terms of security and reliability. This is what our initial perception was with advanced security systems incorporated by the global financial systems.

Visa; A global Financial titan has revealed jaw-dropping news. The firm has revealed that their customers exceed $ 1 billion in crypto-linked visa card usage, alone in the 1st half of 2021 globally. As per the CNBC report, Visa customers around the world spent enormously on goods and services utilizing cryptocurrency. They will publish their financial results for the third fiscal quarter of 2021 on the 27th of July.

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Here is what the master of coin / CFO of Visa, Vasant Prabhu said:

“Visa is working a lot to create a crypto-friendly ecosystem to make crypto more beneficial like other regular currencies. The world is discovering and traversing more and more ways to use cryptocurrencies for purposes they would use regular currencies for. Although there are issues linked with the volatility factor in crypto. Still, that depends on the user and makes it their responsibility to track and manage that accordingly”

He also further added that they have currently tracked a much higher volume of crypto purchases at various crypto exchanges. They have tracked this on their network and this trend proceeds as of now.

Visa who runs their Fast Track certification program for Fintech enablers said they will also add FTX to it. FTX is a cryptocurrency exchange built by traders, for traders.

On the other hand Visa’s competitor Mastercard also another global financial giant has conducted a very interesting survey on North America. According to this survey, 93% of the surveyed American customers intend to use cryptocurrency or any other upcoming payment technology, next year. Also, 75% of the Millenials shall prefer to use cryptocurrency once they understand it well.

These trends set to become a paradigm shift, differentiating the world we lived in the 70s, 80s, 90s, or even early 2000s from today. Despite the volatility, factor crypto gives ease and comfort to the users. It’s for the comfort and ease that mankind set on the voyage of inventions, discoveries. Thus, made scientific and technological breakthroughs.

In a discussion, Visa’s CFO told CNBC that unlike MicroStrategy and Tesla they still don’t intend to incorporate crypto on their balance sheets. Because “this is not how they typically get paid or pay people”.

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