In an interview today with CNBC, Visa CFO Vasant Prabhu said that the firm has seen a surge in the use of cryptocurrencies for day-to-day payments.
According to Prabhu, over $1 billion worth of cryptocurrencies were used as payment methods for goods and services in the first half of 2021. Despite not specifying the exact figure, the feat outperformed what was recorded in the same periods in 2019 and 2020.
Per the report, due to increased demands by crypto holders to spend the digital asset like traditional currencies, especially in the payment of goods and services, Visa is working to establish an “ecosystem to make cryptocurrencies usable like any other currency.”
Similarly, several Visa customers who have their debit cards linked to crypto have also purchased cryptocurrencies from different regulated exchanges, with the trend still on the rise, Prabhu said.
Visa’s large volume of crypto-related transactions quashes claims by critics that cryptocurrencies are only used by cybercriminals and money launderers. Mainstream consumers and investors represent a significantly higher majority and will continue to do so into the foreseeable future.
Growing Interest in Cryptocurrencies
The report indicates a massive interest in cryptocurrencies. There has been widespread adoption of cryptocurrencies in recent times, given the number of e-commerce stores that have integrated crypto payments and the lack of trust in fiats.
While crypto is still associated with massive volatility, owners are still not bothered as they continue to demand and use the digital currency.
This was confirmed in an online survey published by Mastercard in May, which received responses from 15,569 respondents in 18 countries. The survey suggested that 40% of the respondents plan on using cryptocurrencies in 2022, with 67% of millenials stating that they are more open to the technology than they were in the previous year.
Despite the surge in cryptocurrency interest, certain factors, like lack of understanding of how the technology works, have been a constraint to its widespread adoption.
Based on the same Mastercard survey, at least 77% of millennials showed interest in learning about cryptocurrencies while 75% declared that they would use cryptocurrencies if they understood it better.
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