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Visa Customers Made $2.5B in Crypto-Linked Payments in Fiscal Q1

Payments volume in the quarter was 70% of the company’s total crypto volume during its previous fiscal year.

Visa users made $2.5 billion in payments with crypto-connected cards during the company’s fiscal first quarter ended Dec. 31, Visa CEO Al Kelly said on the company’s earnings call Thursday.

  • The figure for the quarter was 70% of Visa’s crypto volume for all of fiscal 2021, which ended on Sept. 30, Kelly added on the call with analysts. More than 65 crypto platforms and exchanges, including Coinbase and BlockFi, have partnered to issue Visa credentials, the company said.
  • More than 100 million vendors in the Visa network are also now accepting Visa crypto payments, the company added.
  • Kelly said Visa continues to “lean into the crypto space” and improve areas such as connectivity, scale, consumer value propositions, reliability and security for crypto offerings to continue growing.
  • The company said in its earnings statement that total processed transactions by Visa for the quarter were $47.6 billion, up 21% over the prior year.
  • In December, Visa formed a global crypto advisory practice to help financial institutions develop their cryptocurrency businesses as demand for crypto products continues to grow.

This article was originally published on Coindesk by  Michael Bellusci

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