Visa Inc Reports a Profitable Q3 2021

The role of digital assets is emerging tremendously every day. All financial giants, business magnets, and even general firms are adapting crypto services and digital assets. Notably, millions of transactions that take place in the industry cover more of cryptocurrencies. Many individuals are ready to make their payments digitally. 

As a result, Visa the global payments technology recently shared their profitable financial results for this quarter of 2021. The Chief Financial Officer of Visa Inc happily announces transactions through cryptocurrencies is the main source for the productive quarter of the year. The financial platform was busy transacting digital assets in April and May. 

Crypto Transactions Lands Off 

At present, the CFO of Visa Vasant Prabhu feels that transactions and payments through digital assets take a rest now. Crypto payments via Visa dropped down from the start of June. Gradually the business started to decline after a massive boom at the beginning of the third quarter. However, the pandemic crisis affected many firm’s economies, despite Visa producing profitable results for Q3 2021 he adds. 

Further, based on the economical report the CFO says, 

“Visa delivered another strong quarter as many key economies are well into a reopening-driven recovery. Visa grew net revenues 27% and non-GAAP EPS 41% while continuing to make investments in strategies that will drive future growth.”

Additionally, he briefs about the report stating, the company estimates its net profit is $6.1B, a surge of 27%. In comparison to the second quarter of the report, Visa spikes 47% in its revenue covering all of its incoming resources. As a note, the CFO says the rise of profit is mainly from crypto payments. 

Additional Crypto Features

By observing immense results due to crypto-related services, Visa implements some new crypto services for its clients. The company holds a profit record of more than $1 billion received through crypto-linked Visa cards. Besides, the firm’s more interest in new crypto features is because of the popular digital asset Bitcoin. The Visa community proposes bitcoin and other cryptocurrencies as “digital gold”, and works on providing more services to retain its customers. 

In regard to this, earlier this week Visa approved the first crypto card for its Australian users. All the customers from Australia are now able to use bitcoin and other virtual currencies with their new debit cards. More so, the Co-founder of Visa shares about the new application “CryptoSpend” for its Australian users. The biggest advantage of this app is that the users can pay as they go with crypto, without converting the money to fiat currencies. 

Thus, these interesting features and technology target all age customers to use these cryptocurrencies as their daily cup of tea.

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A responsible HR Admin with good experience in an international pharmaceutical company. She is passionate about dedicating her time to share her perspective about crypto and blockchain technology.