According to statistical reports from Visa, Visa users having crypto-enabled cards have already spent a staggering Billion Dollars this year, highlighting massive growth and adoption.
Report from Visa
Looking at this massive growth rate in the report, it looks like the numbers will continue to increase as more and more transactions take place worldwide, as well Visa increasing the number of supported cryptocurrencies on its network. Visa posted a Digital Currency Roadmap back in 2020 that highlighted the different expansion plans in terms of cryptocurrencies. The report posted by Visa talks about the current performance and progress that has been made until now. The three main points that stood were the expansion of the growing ecosystem, a favorable reward system for all, and the importance of stablecoins.
- Growing Ecosystem
In hopes of expanding its reach around the globe and growing its crypto ecosystem, Visa is continuing to partner up with and support different currencies operating around the world. Visa thinks that it can build a massive infrastructure, which will help Visa to become one of the best choices for cryptocurrency-based firms to come in contact with. Interest-based accounts, advances, and straight deposits are the things that are crucial to Visa and its respective partners.
As for rewards, users have a nice variety of rewards they can earn if they decide to spend their standard fiat currency in the system. The more the user spends, the better quality of rewards the user can earn. Rewards can be in the form of Tokens, Airplane, Hotel tickets, gift cards, and others, which will give users the incentive to spend more and more on the network. Many partners of Visa including, BlockFi and Circle, have been actively participating in helping out Visa users to receive the rewards they desire.
- Stablecoins Focus
Visa has shown a great amount of excitement towards the use and development of stablecoins on the network, thinking out that stablecoins will soon become a digital form of fiat currency, in combination with the features of cryptocurrencies.
- Increased Adoption Rate
Visa has been planning a ton of partnerships with different cryptocurrencies around the globe in hopes of helping their users gain access to a wide variety of payment options, making their trades easier to handle. Visa has also announced that it will also be enabling users to use USDC to conduct transactions. FTX has also partnered up with Visa to pay half of its employee base in USDC.