In the spring of 2021, transactions with Visa crypto cards accounted for a significant part of the transaction volume of the payment system, but the excitement around digital assets is starting to weaken. The CFO of the company Vasant Prabhu spoke about this.
According to the report for the III financial quarter ended June 30, 2021, the volume of payments in the system increased by 34%, to $ 2.7 trillion. Cross-border online transfers increased 56%, with digital asset transactions accounting for most of this growth.
“There has been a large increase in purchases involving cryptocurrencies, especially in April and May. But by June, the hype started to decline, ”Prabhu said.
In April, the total capitalization of the digital asset market exceeded $ 2 trillion, and the individual bitcoin indicator reached $ 1.095 trillion. At the same time, Ethereum has updated its price high at $ 2146.
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Market capitalization dropped below $ 1.5 trillion in May.
Prabhu warned that without support from the emerging cryptocurrency market, the volume of cross-border transfers could decline. Transactions between countries are among the most lucrative for the company as they are subject to high fees.
In April, payment system CEO Alfred Kelly noted that the company is "extremely well-positioned" in the digital asset space. He also said Visa could make digital currencies "safer, more useful and more convenient for payments."