Visa Unveils 'Pay With Crypto' Feature

by Emma Newbery | Updated Feb. 25, 2022 - First published on April 20, 2021

Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
A female cashier at a restaurant swiping a credit card in a mobile card reader attached to a tablet.

Image source: Getty Images

Visa takes another major step forward for cryptocurrency.

In yet another 2021 digital currency milestone, Visa announced it is the first major payments network to settle a 100% cryptocurrency transaction.

What does that mean? Well, let's say you want to use your crypto credit or debit card to buy a new pair of shoes. Previously, the payment would first have to be converted into a fiat (traditional government-backed) currency like U.S. dollars before it could be processed.

This extra step in a transaction adds cost and complications. For example, since cryptocurrency values can fluctuate dramatically, even the slightest delay could change the transaction amount. This can make things tricky for vendors and payment processors.

In this landmark transaction, Visa's payment stayed in cryptocurrency all the way. This means that -- eventually -- crypto businesses won't need to convert to a fiat currency to process payments.

As a consumer, you may not notice the difference. But it could impact how many businesses accept crypto payments and whether more credit or debit cards will begin to offer this feature.

The Ascent's picks for the best online stock brokers

Find the best stock broker for you among these top picks. Whether you're looking for a special sign-up offer, outstanding customer support, $0 commissions, intuitive mobile apps, or more, you'll find a stock broker to fit your trading needs.

See the picks

Can I use my Visa card to pay with Bitcoin?

Not yet. This is a small but exciting step for cryptocurrencies, but it's still only a pilot project.

For now, Visa is working with crypto platform,, and Anchorage digital bank on this new initiative. This partnership will allow to settle transactions with Visa using USD Coin (USDC), which is a stablecoin. Unlike other cryptocurrencies, stablecoins are pegged to fiat currencies (like the U.S. dollar), so they aren't as volatile as other cryptocurrencies.

Visa expects to roll out the system to more partners as the year goes on.

This program furthers Visa's relationship with Currently, offers five prepaid Visa debit cards. These cryptocurrency debit cards allow users to spend their digital currency wherever Visa is accepted. Like a debit card, the catch is you need to top up your account with digital currency to cover any spending. Several other top cryptocurrency exchanges also offer this type of crypto debit card.

Can you get a crypto credit card in the U.S.?

Right now, you can only get a crypto debit card. However, two companies have said they will launch crypto credit cards later this year.

  • BlockFi Bitcoin Rewards Credit Card. BlockFi will offer 1.5% in Bitcoin back on purchases. The card will come with a $200 annual fee, which will be somewhat offset by its $250 sign-up bonus if you spend $3,000 in the first three months.
  • Gemini Credit Card. Gemini promises it will pay 3% cash back in Bitcoin or other crypto, and it won't charge exchange fees on rewards. It hasn't yet released much more information -- such as other perks and the annual fee.

The waiting list for both cards is now open, but don't get seduced by the word "Bitcoin." It's still a good idea to compare crypto credit cards with other cards on the market. If you qualify for a credit card that pays more cash back for a lower fee, you can always convert your earnings into Bitcoin later.

Visa's announcement is yet another step toward the mainstream for Bitcoin and other digital currencies. But there's still a long way to go and they are still extremely volatile. If you're considering spending with or investing in cryptocurrencies, tread carefully. Try not to convert money you can't afford to lose.

Buying your first stocks: Do it the smart way

Once you’ve chosen one of our top-rated brokers, you need to make sure you’re buying the right stocks. We think there’s no better place to start than with Stock Advisor, the flagship stock-picking service of our company, The Motley Fool. You’ll get two new stock picks every month, plus 10 starter stocks and best buys now. Over the past 17 years, Stock Advisor’s average stock pick has seen a 373% return — more than 3x that of the S&P 500! (as of 8/10/2022). Learn more and get started today with a special new member discount.

Start investing

About the Author