Cryptocurrency card payments surpass P2P transfers: How Visa monopolizes 80% of the market

According to the latest news, the monthly transaction volume of cryptocurrency card payments has exceeded $15 billion, surpassing the $11 billion scale of peer-to-peer stablecoin transfers for the first time. This turning point marks an important shift of cryptocurrencies from purely on-chain assets to everyday payment tools, and Visa’s dominant position in this area warrants in-depth observation.

Growth Trajectory of Cryptocurrency Card Payments

Data shows that the growth rate of cryptocurrency card payments has far exceeded expectations. According to relevant information, the monthly transaction volume of Crypto Cards increased from $10 million to $1.5 billion in less than a year, with an annualized transaction scale reaching approximately $18 billion. This growth rate not only surpasses P2P stablecoin transfers but is also comparable to the entire stablecoin P2P transaction volume.

In terms of market size, cryptocurrency card payments have become the main driver of on-chain stablecoin activity. What does this mean? Traditionally, the main use of cryptocurrencies was for on-chain asset transfers, but now data indicates that real-world payments via cards have become a larger source of transactions.

Behind Visa’s Monopoly Position

The most notable aspect is Visa’s leading position in this market. According to data, Visa accounts for over 80% of the stablecoin card transaction volume tracked in reports, and some data even shows Visa controls over 90% of on-chain transaction volume. This high proportion reflects several important phenomena.

Why Visa?

• Infrastructure Advantage: Visa has the most mature global payment network, with the highest merchant acceptance
• User Trust: Consumers have far higher recognition and security confidence in Visa than other options
• Issuer Partnerships: Full-stack card issuers are choosing to collaborate with Visa to reshape the payment stack
• Liquidity Depth: Visa’s network offers the greatest liquidity and counterparty options

While Mastercard holds a smaller share, it is growing, and regional card projects contribute minimally. This indicates that even in the emerging field of cryptocurrencies, traditional payment giants still hold significant advantages.

Market Significance and Trend Outlook

This data reversal carries several implications worth considering.

First, it proves that cryptocurrencies are transitioning from speculative assets to practical tools. When card payments surpass P2P transfers, it indicates that users are no longer just transferring assets on-chain but are engaging in real commercial transactions with cryptocurrencies.

Second, Visa’s monopoly position suggests that traditional financial infrastructure remains indispensable in crypto payments. This is not a story of cryptocurrencies completely replacing traditional payments but of deep integration between the two.

Looking ahead, the market may continue to develop along two paths: one, traditional payment giants like Visa further strengthening their position in crypto card payments; two, as native crypto payment infrastructure improves, specialized crypto payment channels may gradually emerge. However, in the short term, Visa’s monopoly pattern is unlikely to be challenged.

Summary

The surpassing of P2P transfers by cryptocurrency card payments signifies substantial progress in crypto payment applications. Visa’s over 80% share reflects the strength of traditional payment infrastructure and also indicates that large-scale crypto payments still heavily depend on integration with the existing financial system. This trend warrants ongoing attention, especially regarding the growth dynamics of competitors like Mastercard and whether truly native crypto payment solutions will emerge in the future.