NextGen

Visa Reports Over $1 Billion Spent on Goods and Services Using Cryptocurrency

Using data from its cryptocurrency-linked card, Visa said that, in the first six months of the year alone, people spent about $1 billion in goods and services using digital tokens, said CNBC. It is far above what people spent last year and the year before, which the company said was a mere fraction of what was spent this year so far.

This is part of a growing enthusiasm that people are showing towards fintech innovations. A study from Mastercard found that 93 percent of people in North America plan to use cryptocurrency or some other emerging payment technology in the next year, such as biometrics, contactless payment or a QR code system; meanwhile, many of those who don't have plans to do so wish they did, as 75 percent of millennials said they'd use cryptocurrency if only they understood it better.

Both Visa and Mastercard are working to launch their own cryptocurrency exchanges in the coming years.