In its first quarter, Visa reported that the usage of crypto-linked cards reached $2.5 billion.

• In the first quarter of 2022, Visa reported that its customers made $2.5 billion in payments using its crypto-linked cards.
• Vasant Prabhu, Visa's CFO, stated in a phone interview with CNBC that people are utilizing their crypto-linked cards for various spending options, including retail goods and services, restaurants, and travel.
• As part of its push for digital currency adoption, Visa has launched a crypto consulting service and made investments in crypto platforms.

During its recent earnings call, the company announced that its customers made $2.5 billion in payments using its crypto-linked cards in the first quarter of 2022.

In fiscal 2021, 70% of the company's crypto volume came from one transaction.

According to Visa CFO Vasant Prabhu, the company's better-than-expected earnings and revenue after the bell Thursday indicate that consumers see value in having a Visa card linked to an account at a crypto platform. This signals that consumers see utility in being able to access liquidity, fund purchases, and manage expenses instantly and seamlessly.

Visa CEO Al Kelly stated on the earnings call that the company will continue to focus on the crypto space and aims to be a crucial partner in providing the necessary connectivity, scale, consumer value proposition, reliability, and security for crypto offerings to continue growing. As a result, the stock price increased in after-hours trading and opened strongly higher on Friday.

The company's network of crypto wallet partners has expanded from 54 to over 65, including Coinbase, Circle, and BlockFi. Additionally, the number of merchants accepting crypto as payment has increased to nearly 100 million.

Prabhu informed CNBC that the broad categories of spend with crypto-linked cards do not show a concentration in a specific merchant vertical. People are utilizing their crypto-linked cards for various spending options, including retail goods and services, restaurants, and travel. These cards are increasingly being viewed as general-purpose accounts.

In the first six months of 2021, Visa reported that crypto-linked card usage reached $1 billion.

Gemini, the crypto exchange founded by billionaires Cameron and Tyler Winklevoss, plans to launch a card that enables customers to earn cryptocurrency as a reward. However, cardholders will not have direct access to their digital wallet. The card is expected to be made available to customers on a waitlist in early 2022, following previous plans to launch over the summer.

The growth rate of major cryptocurrencies, including Bitcoin, slowed down in the latter half of the previous year. Since its all-time high of approximately $69,000 in November, Bitcoin has experienced a decline of over 45%.

Despite fluctuations in the crypto markets, the payment volume has remained steady, according to Prabhu. He stated that crypto rewards are a crucial aspect of the value proposition for many card programs, especially for new crypto users who may not be actively investing in it but are excited about the opportunity to earn it as they spend fiat currency. Prabhu emphasized the importance of monitoring these programs to assess their impact on the rewards category as a whole.

Visa has established a crypto consulting service and made recent investments in crypto platforms, despite not intending to hold digital currencies on its balance sheet.