Visa Customers Made $2.5B in Crypto-Linked Payments in Q1

Visa users made $2.5 billion in payments with crypto-connected cards during the company’s fiscal first quarter, Visa CEO Al Kelly said in its earnings call Thursday.

The figure for the quarter was 70% of Visa’s crypto volume for all of fiscal 2021, Kelly added on the call with analysts. Over 65 crypto platforms and exchanges, including Coinbase and Blockfi, have partnered to issue Visa credentials, the company said.More than 100 million vendors in the Visa network are also now accepting Visa payments, the company added.Kelly said Visa continues to “lean into the crypto space” and improve areas such as connectivity, scale, consumer value propositions, reliability and security for crypto offerings to continue growing.The company said in its earnings statement that total processed transactions by Visa for the quarter were $47.6 billion, up 21% over the prior year.Last December, Visa formed a global crypto advisory practice to help financial institutions develop their cryptocurrency businesses as demand for crypto products continues to grow.

Read more: Visa Partners With ConsenSys to Help Bridge CBDCs With Traditional Finance

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