Visa saw $2.5B Transactions through its crypto linked cards

Giant payment network firm Visa found that Visa-backed crypto-linked cards use in the payment system is rapidly increasing.

 Visa is a giant payment network company. Companies have its hands in cards payment more than non-card-based payment options. In the past few years, Visa showed huge support and interest in the crypto & blockchain industry. Right now Visa is holding a 50% share in the world of card-based online payments networks. 

Visa recently reported its first quarter of financial transactions report and it is also the first quarter report of Visa, after the stepping in crypto-related cards payment services. 

According to the reports, the users which are using the crypto-linked card of Visa facilitated around $2.5 billion of payments in the first quarter. Interestingly it was 70% of the company’s crypto volume. 

Earlier this Visa crypto head Cuy Sheffield shared the initiative of Visa last year and said that Visa will work to fill the gap between traditional banks and the crypto Industry. 

In the latest, Vasant Prabhu, CFO at Visa, told to CNBC in an interview about their point of view on this increasing and growing demand for Visa support in the crypto industry. 

“To us, this signals that consumers see the utility in having a Visa card linked to an account at a crypto platform. There’s value in being able to access that liquidity, to fund purchases and manage expenses, and to do so instantly.”

Visa wants to dive more deep into crypto and blockchain 

Right now Visa have partnerships with more than 65 Crypto-related wallets and services like Coinbase, Circle, and BlockFi. And also is working with ConsenSys. 

Recently Visa announced that it will provide Central Bank Digital Currency (CBDCs) based development and solutions support for the Central Banks globally.

Visa also confirmed that the main aim of this support will be to push the adoption of blockchain technology use and also to bring better integration of blockchain and traditional technology systems of banks. 

Read also: PayPal wants to push the adoption of blockchain technology in traditional banking