Use of crypto for digital payments on rise in Middle East

Use of crypto for digital payments on rise in Middle East

AMMAN — Cryptocurrency’s use as a digital payment method is accelerating globally, and certainly, the trend is well on its way to the Middle East after the proper regulations are implemented, said Leila Serhan, senior vice president and group country manager for Visa in North Africa, the Levant and Pakistan (NALP).

The number of people using crypto-linked credit cards is subsequently trending, with Visa reporting around $3.5 billion in crypto transactions in 2021, Serhan added.

"This is not just people buying cryptocurrency, but also people using cryptocurrency to enable digital commerce," she told The Jordan Times in a recent interview.

"Crypto is a trend that we cannot ignore. There are around 400 million people who have purchased crypto around the world, and at Visa, we look at ourselves as a network of networks, and crypto networks are definitely one of the networks where we want to facilitate the exchange of money," Serhan said, adding that crypto remains "a strong investment vehicle" that continues to enjoy popularity amongst investors.

As such, Visa has partnered with over 75 crypto-enabling exchanges.

"What we have done with many exchanges is that we have allowed users to issue Visa cards that hold cryptocurrency, and allow them to go through the