Visa (NYSE:V) has reported that more than $1 billion U.S. worth of cryptocurrency was spent by consumers globally on goods and services through its crypto-linked credit cards during the first six months of this year.
"People are exploring ways in which they can use cryptocurrencies for things they would use normal currencies for," Visa said in a news release.
According to recent research from Visa rival Mastercard (NYSE:MA), 93% of North American consumers plan to use cryptocurrency or other emerging payment technology, such as biometrics, contactless or QR code systems, within the next year.
The Mastercard study also showed that 75% of millennials would use cryptocurrencies if they understood the digital coins better.
This summer, Mastercard will launch a credit card with cryptocurrency exchange Gemini, co-founded by billionaires Cameron and Tyler Winklevoss. The credit card will allow consumers to earn cryptocurrency as a reward.
Visa announced the FTX cryptocurrency platform would be added to its 'Fintech Fast Track Program,' that is focused on making cryptocurrency more practical for consumer and business spending.
Circle, BlockFi and Coinbase are current Visa partners and allow cardholders to spend from their cryptocurrency wallet at more than 70 million merchants globally.
Visa estimates that cryptocurrency-linked credit cards have the potential to disrupt the $18 trillion U.S. spent each year with cash and cheques globally.
Bitcoin, the biggest cryptocurrency, saw its market capitalization top $1 trillion U.S. for the fist time in February of this and hit an all-time high near $65,000 per coin in April. However, Bitcoin has since fallen roughly 45%, and, last month, the price plunged below $29,000 where it had started the year.
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