Transaction Volume of Visa Cryptocurrency Cards in the First Quarter of 2022 Hit 70% of the Entire 2021 Volume

The popularity of cryptocurrency cards is growing rapidly. As reported by Visa, the total transaction volume in the first quarter accounts for 70% of the total volume of 2021. A further increase is expected.

During its financial press conference on January 27, Visa representatives announced that total transaction volume in Q1 amounted to $2.5 billion. By comparison, total volume for the first half of 2021 reached only $1 billion. So the growth is obvious. According to Visa, one of the reasons for this growth is the growing number of merchants accepting cryptocurrency cards. It has increased to 100 billion.

In an interview with CNBC, Vasant Prabhu, CFO of Visa, said that customers obviously recognise the value of a cryptocurrency card. It ensures the availability of their assets, allowing them to easily and almost instantly manage their spending and pay for their daily needs. He added: 

"People are using their crypto-linked cards to spend in a variety of ways - retail goods and services, restaurants, travel. They're increasingly being treated like a general-purpose account."

Popularity despite problems

After the outbreak of Coronavirus, the popularity of card payments skyrocketed. People were looking for an alternative to cash payments to make them more secure and contactless. So debit cards became something of a must-have. No wonder cryptocurrency holders aspire to access their money as easily and seamlessly as fiat money.

Still, with cryptocurrencies, it's not as easy as it might seem. As CoinIdol, a world blockchain news outlet, reports, cryptocurrency users face numerous difficulties when trying to set up or access their accounts. The most common complaints include complicated verification procedures, poor customer support, unexpected changes in procedures and policies, usage restrictions, high fees, etc.

The fact that the popularity of such cards is growing despite the difficulties means that cryptocurrency is not just a "scary word". It is entering our daily lives not only as a storage of value, but also as a means of payment for our daily needs.