The credit card provider Visa is delivering strong sales with its crypto-compatible cards in the first half of 2021. It could continue to improve. Approval for the cryptocurrency sector remains at a high level at Visa.
Credit card giant Visa continues to live up to its reputation as a crypto-friendly company. On the occasion of the current half-year balance sheet, the payment service provider announced that it would continue to support the development and adaptation of the crypto industry as part of its business. In a official announcement Visa announced that it had spent more than $ 1 billion in total spending on its crypto-enabled cards in the first half of 2021. Given the volume of spending on Visa’s crypto cards, the company notes the following:
It is clear that the crypto community sees value in connecting digital currencies to Visa’s global network.
Visa already has partnerships with 50 large companies in the crypto industry. These far-reaching collaborations enable customers to convert and spend digital currencies at 70 million merchants around the world. Thanks to the “tap and go” process, it is not necessary for coffee shops, dry cleaners or grocery stores to accept cryptocurrencies directly at the checkout. In addition, the BlockFi Rewards Visa Credit Card is a special card in the program. This enables its owners to spend money and collect crypto rewards in the process. The principle is similar to that of the award programs of other cards for airline miles or hotel points.
There is no trace of a euro departure from Visa
While the crypto exchange Binance recently announced that it no longer wants to accept SEPA deposits in euros, Visa has no sign of this departure. Instead, the company seems to see itself as a strong interface between fiat money and cryptocurrencies. Since Binance is known to be the largest Bitcoin exchange in the world, Visa crypto sales could increase even further in the second half of the year. Especially when other crypto exchanges follow Binance’s example. FTX, Coinbase, Crypto.com, and CoinZoom are some of the digital currency platforms Visa is looking to use to expand its market position.
These platforms are diversifying to meet a range of customer needs, with new tools and features that include interest accounts, loans, and direct deposits. Against this background, it is more important than ever for financial institutions of all stripes to develop a crypto strategy.
, it says in the communication on the company philosophy.
Visa is also consistently bullish when it comes to stablecoins. They are about to keep their promise to function as digital fiat money. Visa also partnered with Goldman Sachs-backed blockchain company Circle last year. The goal: to make the stablecoin USD Coin (USDC) compatible with certain credit cards.