Using Crypto To Pay With VISA
One of the arguments crypto naysayers use when trying to dismiss crypto’s existence and value is that it lacks a store of value and is too volatile to be used for making transactions in the real world.
Those dinosaur thinkers haven’t been able to influence VISA or the 100 million vendors in the VISA network accepting VISA crypto payments. In the fiscal quarter ending December 31, 2021 there were $2.5billion in payments made with crypto-connected VISA cards. Those payments represent 70% of VISA’s total crypto volume during it’s previous fiscal year.
The quarter ending December 31st was the first quarter of their current fiscal year.
Over 65 crypto platforms and exchanges have partnered with VISA to issue credentials. The company is continuing to lean into the crypto space.
A VISA card linked to a platform or exchange allows its user to use the card to spend their crypto instead of first converting it to fiat. Using VISA to bridge the gap between crypto holdings and spending funds is a huge step forward toward bringing crypto into the mainstream.
Some cards are also paying reward points in crypto. For example, BlockFi Rewards VISA Signature Card gives:
- 1.5% back in crypto on eligible perchases
- 3.5% back in crypto rewards during the first 90 days of card membership
- 2% back in crypto on all eligible purchase over $50k of annual spending.
The rewards are paid using BlockFi CryptoCurrency Rewards Points. As long as the account is in good standing, you can then convert the points into the crypto of your choice.
The Gemini Credit Card will deposit crypto directly into your Gemini account when you swipe your card giving you immediate access to your rewards instead of waiting for a statement.
If you’re checking out the cards available, be sure to check out the process they use before making your decision on which card to get. The crypto cards are still the same as regular cards in that they need to be paid off each month if you don’t want to incur late fees and interest. They will also affect your credit score so use with care.
SOURCES:
- https://usa.visa.com/content/dam/VCOM/regional/na/us/Solutions/documents/visa-crypto-case-studies.pdf
- https://www.cnbc.com/select/how-crypto-credit-cards-work/
- https://www.coindesk.com/business/2022/01/28/visa-customers-made-25b-in-crypto-linked-payments-in-q1/
Shadowspub is a writer from Ontario, Canada. She writes on a variety of subjects as she pursues her passion for learning. She also writes on other platforms and enjoys creating books you use like journals, notebooks, coloring books etc.
She created Prompt A Day to share with others. You can subscribe to Prompt A Day to get started.
Interesting, I thought Canada had blocked them but it might be worth doing some research again - I know using RBC has been a total PITA to just buy crypto!
I saw reference in the article to it being used in Canada. RBC is a PITA with a lot of things.. I changed away from them years ago.
Paying directly with crypto sounds awesome!
I got confused with your last paragraph, so the card won't connect directly with your crypto balance but will generate a payment order you need to pay later?
!1UP
The last paragraph reminded people that the card gets used as a regular credit card and the bill still needs to be paid each month or there are penalties.
You have received a 1UP from @trashyomen!
@ctp-curator, @neoxag-curator, @pal-curator, @pob-curator, @vyb-curator, @bee-curatorAnd they will bring !PIZZA 🍕
Learn more about our delegation service to earn daily rewards. Join the family on Discord.
PIZZA Holders sent $PIZZA tips in this post's comments:
curation-cartel tipped shadowspub (x1)
@harlowjourney(1/5) tipped @shadowspub (x2)
You can now send $PIZZA tips in Discord via tip.cc!
Impressive stats. You know crypto saved me during the first month in London, right? I had to sell Steem at the time to fuel my Visa card, then I used the money to pay for the train so I could work downtown.
I do recall you mentioning that.
The beauty of descentralization. Until the government goes after the Visa/Master issuers =/
Congratulations @shadowspub! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):
Your next target is to reach 10500 replies.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out the last post from @hivebuzz:
A big problem over the previous years was the lack of crypto debit cards. Even with my crypto.com card they had to switch providers multiple times when they pulled out of the contract.
It has been a lot better this year as crypto has gone much more mainstream and providers like visa have gotten involved in the game.
This is only going to grow over time as we see more development and more adoption.
You can pretty much figure when vendors like VISA get into the game, that they see crypto as something that is not going away.
I been using my Coinbase card for over 6 months now 😁
I want a crypto Visa. I heard that I can use my Shakepay account as one, but I don't know exactly how yet. Something to investigate!
Great article!
!BEER
!PIZZA
!hivebits
!WINE
Congratulations, @harlowjourney You Successfully Shared 0.100 WINEX With @shadowspub.
You Earned 0.100 WINEX As Curation Reward.
You Utilized 1/1 Successful Calls.
Contact Us : WINEX Token Discord Channel
WINEX Current Market Price : 0.280
Swap Your Hive <=> Swap.Hive With Industry Lowest Fee (0.1%) : Click This Link
Read Latest Updates Or Contact Us
Have never used Shakepay... I was using Coinfield as my main exchange between crypto and my bank account but they were frustrating most of the time. Usually had to figure on a up to a week to get funds from crypto into my account. Invariably I'd end up having to put in a support ticket to get the funds.
I"ve recently started using Kraken and been very happy. The time between moving the crypto and landing in my bank is 2-3 hours and lower fees than Coinfield.
Interesting. I had not heard of coinfield. I will have to look into it.
!PIZZA