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Visa, Mastercard, and PayPal are Expanding their Crypto Offerings

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3 months ago

While we wait for the current earnings report, it's a good time to look back at previous quarters' results. Travel constraints imposed by the pandemic, combined with a general downward trend since last year, resulted in significant declines in cross-border volumes for both Visa and Mastercard Incorporated in the fourth quarter of 2020. While total payments increased, debit spending increased while credit spending fell.

Fortunately, because vaccination began to open economies, the quarter ended on 31. March yielded more favourable results. Visa's quarterly profit per share was 11 cents higher than expected. Revenues were also greater than predicted, indicating that some more traditional transactions aided the continued rise of online shopping. Thus, this was the ideal opportunity for both companies to ramp up their cryptocurrency engagement.

Additional Information Regarding Visa's Previous Quarterly Results

Visa's overall payment volume climbed by 11% year over year in the quarter ended March 31. Credit growth remained flat, whereas debit payments increased by 24%. This was a faster rate of growth than the same period previous year, when debit volume climbed by 9% and credit volume increased by 1%. The highest volume gain – 17.6 percent – was obtained in the United States, one of Visa's largest markets. We can only presume that the majority of Visa's customers are better off financially than they were a year ago. The decline in the US unemployment rate attests to this fact.

Visa chose to dive further and position itself to gain from the cryptocurrency sector's continued expansion. Visa entered the crypto universe with its first credit card that supports a crypto rewards programme in collaboration with BlockFi, a platform for leveraging your cryptocurrency. Additionally, the firm revealed that it is considering using US Coin to settle transactions. This should pave the way for some new relationships, all of which should generate additional revenue.

Mastercard is doing the same thing with Gemini, a bitcoin exchange based in the United States. They collaborated to establish a credit card that rewards customers with digital currency (bitcoin or other cryptocurrencies). Thus, users of this WebBank-issued card earn up to 3% of the purchase price, which is put in the user's Gemini account.

PayPal Holdings, Inc., a well-known financial services company located in California, has also entered the cryptocurrency space via its peer-to-peer payment service Venmo. Venmo's more than 70 million customers may buy, sell, and store cryptocurrencies in its digital wallets, enabling them to pay millions of merchants with their digital assets.

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