Visa reports crypto-linked card payments up to $2.5B in Q1

• The network of crypto wallet partners of Visa has grown to more than 65

• The number of merchants accepting cryptocurrency as payment also grew to almost 100 million

Payments company Visa reported that its customers made $2.5 billion in payments with its cryptocurrency-linked cards in its fiscal first quarter of 2022, during an earnings call.

The reported sum was 70% of all their transactions in cryptocurrency in 2021, reported CNBC.

“People are using their crypto-linked cards to spend in a variety of ways — retail goods and services, restaurants, travel,” Visa CFO Vasant Prabhu told CNBC.

Read more: Visa revenue beats Wallstreet forecasts owing to increase travel and e-commerce sales

The network of crypto wallet partners of Visa (NYSE: V) has grown to more than 65, from 54, and includes big names such as Coinbase, Circle, and BlockFi. The number of merchants accepting cryptocurrency as payment also grew to almost 100 million, said the company.

“We will continue to lean into the crypto space and our strategy is to be a key partner to provide the connectivity, scale, consumer value proposition, reliability, and security that is needed for crypto offerings to continue to grow,” Visa CEO Al Kelly said on the earnings call.

Visa has no plans to hold cryptocurrency on its balance sheet, but it’s created a crypto consulting service and made several recent investments in crypto platforms as it continues to push for the adoption of digital currencies.

Read more: Visa introduces crypto advisory services to assist partners in navigating digital currency

(With inputs from CNBC)

Picture Credits: Visa