© Stocksak. Middle East witnesses a rise in crypto adoption for digital payments
- According to Visa (NYSE :), a group manager at Visa stated that crypto transactions are on the rise in the Middle East.
- During Visa’s fiscal first quarter of 2022, customers made $2.5 billion in payments with crypto-linked cards.
- Visa has partnered over 65 crypto-enabled trading platforms, including Coinbase and BlockFi.
The use of crypto linked credit cards has increased worldwide. Visa reported that $3.5 billion was spent on crypto transactions in 2021. A similar increase in crypto transactions and investments has been observed in recent years in the Middle East.
Leila Serhan (senior vice president and group manager for Visa in North Africa and the Levant) said that cryptocurrency is growing in popularity worldwide as a digital payment option. The Middle East has recently adopted it. She recently spoke out about the topic in a Jordan Times interview.
Serhan stated that crypto is still a strong vehicle, and added:
We can’t ignore crypto. There are approximately 400 million people who have bought crypto in the world. Visa considers itself a network of networks and crypto networks are certainly one of the networks we want to facilitate money exchange.
Visa has partnered already with more than 65 crypto-enabled companies. According to Serhan, if a country’s regulations allow it, the company will facilitate cryptocurrency transactions in order to promote it further.
Serhan concluded that digital payment are essential to increase financial inclusion among small and middle-sized businesses in the Middle East.
In a recent earnings call, Visa revealed that customers used crypto-linked card to make $2.5 billion in payments in the first quarter 2022. According to a CNBC report citing Visa CFO Vasant Prabhu, this figure represents 70% of the company’s crypto volume for fiscal year (FY) 2021.
It is impossible to overstate the importance of digital financial literacy in preventing fraudster attacks. Visa has launched several initiatives in order to combat this problem.
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