Visa Processes 72% of All Crypto Card Transactions — and the Gap With Mastercard Is Growing

Visa Leads the Crypto Card Market :

Visa is significantly ahead of Mastercard in the crypto card market. According to Paymentscan data, Visa processes about $717.9 million in monthly crypto card volume, compared with $275.1 million for Mastercard, giving Visa roughly 72% of the total market. This represents a lead of about 2.6 times over its competitor.

The gap appears not only in transaction volume but also in usage. Visa handles 7.2 million transactions per month, while Mastercard processes 4.5 million. In terms of users, Visa has around 145,000 crypto cardholders, compared with 119,000 for Mastercard. Although Visa has only about 22% more users, it processes 161% more transaction volume, indicating that Visa users spend more per transaction on average.

The difference between the two networks began to widen around mid-2024. Before that period, crypto card activity on both networks was relatively small. However, usage accelerated after November 2024, partly driven by broader crypto adoption following the approval of spot Bitcoin ETFs in early 2024 and the subsequent rise in the crypto market.

Visa’s leadership is largely attributed to its strong partnerships with major crypto platforms such as Coinbase and Crypto.com, whose cards operate on the Visa network. These partnerships have helped Visa capture a larger share of crypto spending and strengthen its network effect.

While Mastercard remains active in the crypto card space, Visa’s growing advantage suggests a structural lead rather than a temporary one.