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The Middle East is seeing an increase in crypto assets use for digital payments

CJ - Cryptocurrency Enthusiast

The group manager of Visa reported an increase in Middle Eastern cryptocurrency transactions

  • Customers used crypto-linked cards to make $2.5 billion in purchases during the first quarter of Visa's fiscal year in 2022
  • More than 65 best cryptocurrency friendly exchanges, including Coinbase and BlockFi, have collaborated with Visa

Since then, the use of credit cards with characteristics related to cryptocurrencies has increased globally; in 2021, Visa reported over $3.5 billion in cryptocurrency transactions. Middle Eastern Bitcoin investment and transactions have recently increased at a similar rate.

Cryptocurrencies are becoming more widely used as a form of digital payment throughout the world, according to Leila Serhan, senior vice president and group country manager for Visa in North Africa, the Levant, and Pakistan (NALP). Middle Eastern nations have more lately embraced it. She recently discussed her opinions on the subject in an interview with Jordan Times.

Serhan stated that cryptocurrency investment is still a powerful medium and added, "we cannot ignore the rise of cryptocurrency”. Around 400 million individuals worldwide have bought cryptocurrency, and Visa views itself as a network of networks, with crypto networks being unquestionably one of the networks where we want to enable the flow of money.

Visa has already collaborated with over 65 exchanges that support cryptocurrency trading. If nation's laws let it, the corporation will enable Bitcoin transactions, said Serhan, in order to increase its promotion. Serhan concluded that digital payments are essential for boosting financial inclusion among Middle Eastern small- and medium-sized companies.

In the most recent earnings call, Visa said that users used crypto-linked cards to make $2.5 billion in payments in the first quarter of 2022. 70% of the company's cryptocurrency volume for the fiscal year (FY) 2021 would be represented by this amount, according to a CNBC article citing Visa CFO Vasant Prabhu.

It is impossible to overestimate the role that financial literacy plays in defending against online fraud. Visa has started a number of programs to inform users about e-commerce security and digital financial literacy in an effort to address this problem.

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