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Crypto payments boom was great but seem over now

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  • Crypto payments volume has been observed declining after impressive surges
  • Visa has processed more than $1 billion worth of transactions through cryptocurrency cards
  • Since June the trend of such payment services are sliding downwards
  • Vasant Prabhu claimed that such downward trends could impact Visa
  • With sloping transaction volume, it is estimated that the cross-border volume will also decrease

Crypto payments are steadily emerging around the globe with tremendous potential. Such methods of sending and receiving funds are way cheaper and faster than traditional methods. Since last year, it is observed that the cryptocurrency payment market was steadily soaring with the prices in the digital assets market. Notably, since the beginning of this year, the digital payment industry has shown impressive growth. However, following the current scenario, it seems the craze for traditional transaction alternatives has been declining.

Visa saw significant growth in terms of cryptos transaction

Visa is one of the leading firms helping the world go cashless. Following the demand for digital assets, the firm was offering crypto payments services. The firm’s financial result for Q3 2021 has processed an essential volume of crypto-related transactions since January. 

According to a recent report published by Reuters, Visa has processed more than $1 billion worth of payments through its crypto payments card. Indeed the figure has been calculated since the beginning of this year till June.

Visa claimed a decline in crypto payments

Vasant Prabhu, the chief financial officer of the credit card giant, has recently been interviewed by Bloomberg. In the session, he revealed the stats regarding crypto payments. Vasant noted that the bulk of such transactions took place only in the first two months of this year.

It is noteworthy that a spike in the prices of leading cryptocurrencies took place in April. Notably, at the time, Visa observed a spike in cryptocurrency card transactions. 

Moreover, the spike was observed in May when the entire digital currency market crashed with Bitcoin. However, since June, the trend began to slide downwards. 

Cryptocurrency transaction decline could impact Visa

According to Vasant, the plunge in the trend of crypto payments was too heavy. Indeed, such a trend can have a significant impact on the overall data concerning Visa-powered transactions. 

Additionally, Vasant mentioned that the cross-border volume could see a decrease as international travel is getting backward without the previous large volume of crypto transactions.

Visa is keen to grow with cryptocurrency adoption

It’s been some time since Visa has been betting on digital assets and blockchain technology. Following the potential of cryptos and future use cases, the firm has also embraced USD Coin (USDC), a fiat-pegged virtual coin. Furthermore, since the beginning of Q2 2021, the credit card giant has partnered with several firms in the blockchain ecosystem to power digital coin-related payments.

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