Quarterly payments on Visa cryptocurrency cards increased to 25 billion
Software

Quarterly payments on Visa cryptocurrency cards increased to $2.5 billion

International payment system Visa reported a significant increase in the use of cryptocurrency on its platform in the first quarter of fiscal 2022. Visa crypto cardholders spent more than $2.5 billion over a three-month period to pay for goods and services.

Image source: Pixabay

Image source: Pixabay

Speaking at the company’s financial results conference, Visa CEO Alfred F. Kelly Jr noted that the quarterly figure accounts for 70% of the volume of cryptocurrency payments made with Visa cards for the full fiscal year 2021.

Kelly added that billing capabilities and a cryptographic API platform are Visa’s “key differences” compared to other financial systems that are exploring the use of cryptocurrencies for their customers. He noted that more than 65 cryptocurrency platforms and exchanges work with Visa.

“Our strategy is to be a key partner that provides the connectivity, scalability, customer value proposition, reliability, and security that crypto offerings need to grow.” – said the CEO of Visa.

Visa’s net revenue for the quarter was $7.1 billion, up 24% from the same quarter in fiscal 2021, GAAP net income increased 27% to $4 billion, and earnings per share increased down 29% to $1.83. The company’s total payments increased by 20% and the total volume of cross-border payments increased by 40%. Kelly said the company’s “strong performance” was due to the growth of e-commerce, the resumption of cross-border travel and the global economic recovery.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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