Visa has hit the mark with crypto integration. The American lender announced Wednesday that consumers around the world spent more than $ 1 billion worth of cryptocurrencies on goods and services through their crypto credit cards in the first six months of the year.
By comparison, Visa estimated cryptocurrency sales at just a fraction of that amount for the same time periods last year and 2019. However, the payments giant has not released exact figures.
“We are doing a lot to create an ecosystem that will make cryptocurrencies more usable and more like any other currency,” said Visa CFO Vasant Prabhu. CNBC. “People are looking for ways to use cryptocurrencies for things that they would use normal currencies for.” He added: “There are a lot of problems with volatility, etc. But it is up to cryptocurrency owners to manage and monitor them.”
According to a recent study by Visa Mastercard competitor, 93 percent of North American consumers plan to use cryptocurrencies or payment technologies based on other innovative methods (such as biometrics or contactless and QR code systems) in the next year. The study also showed that 75 percent of millennials would use cryptocurrencies if they understood them better.
Visa also announced Wednesday that cryptocurrency platform FTX, founded by billionaire Sam Bankman-Fried, is joining its Fintech Fast Track program. This focuses, among other things, on making cryptocurrencies more practical for consumer and business spending.