The Strategist

Visa card holders spend over $1B in cryptocurrencies in six months

07/08/2021 - 07:13

Visa cryptocurrency card users have spent more than $1 billion on goods and services in the first six months of this year, Vasant Prabhu, the payments company's chief financial officer, told CNBC.

The manager noted that the current figure is much higher than the amount spent in 2019 and 2020, but did not give specific figures.

Visa cryptocurrency cardholders can currently spend their savings in digital currencies with more than 70 million merchants worldwide. To do this, Visa is partnering with more than 50 cryptocurrency companies, including Coinbase, Circle and BlockFi.

"We are doing a lot to create an ecosystem that makes cryptocurrency more useful and more like any other currency," Mr. Prabhu said, "People are exploring ways to use cryptocurrencies in areas where they would have used conventional currencies before. 

He added that cryptocurrencies still have many problems, such as excessive volatility. But it is up to people to assess the risks and control them, Mr. Prabhu said.