Last Thursday, on an earnings call, Visa stated that its customers made $2.5 billion in payments using their crypto-linked cards during the first fiscal quarter of 2022. This represents more than 70% of the entire volume of crypto cards throughout fiscal 2021, signaling a big increase in adoption of this type of card.
Visa's CFO expressed optimism about the development in an interview with CNBC. “To us, this signals that consumers see utility in having a Visa card linked to an account on a crypto platform,” he said, citing an instant and seamless ability to manage purchases and fund payments.
Crypto-linked cards allow customers to spend cryptocurrency at any merchant that accepts the card, without merchants even needing to be familiar with cryptocurrencies, which reduces friction and optimizes the use of technology.
Crypto payment solutions with credit cards have been a big hit around the world thanks to the convenience. With the entire conversion process taking place on the backend, sellers receive transactions in local fiat currency like typical transactions, while buyers feel satisfied that they can pay with their cryptocurrencies.