Cryptocurrencies are becoming increasingly popular, especially, amongst millennials. The use of crypto-linked cards for payments has increased significantly in 2021.
In a recent report, global payment services giant VISA has said that cards linked to cryptocurrencies have been used to process payments worth over $1 billion in 2021. Earlier, the payment services provider had launched a Bitcoin rewards credit card in partnership with BlockFi.
Speaking to Reuters, Visa’s CFO, Vasant Prabhu confirmed that over “$1 billion worth of cryptocurrency was spent by consumers globally on goods and services through their crypto-linked cards in the first six months of the year.”
Despite the high market volatility and the extreme ups and downs in the prices of top cryptocurrencies this year, there has been an increase in the number of users of crypto-linked cards.
Both top payment services giants Visa and Master have products that are linked to cryptocurrencies. Raj Dhamodharan, head of Digital Asset Products and Digital Partnerships at Mastercard, said:
Our philosophy on cryptocurrencies is straightforward: It’s about choice. Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value – traditional or crypto – however, they want. It should be your choice, it’s your money.
Earlier in the year, Visa forged a strategic partnership with top cryptocurrency exchange Coinbase. This week, Visa along with BlockFi had announced a 2% Bitcoin Rewards Credit Card. 400,000 users in the US are expected to benefit from the bitcoin rewards.