Visa Crushes Mastercard Taking Over 90 Percent of On-Chain Crypto Card Volume
Visa Dominates On-Chain Card Payments Despite Growing Crypto Programs at Mastercard
Visa has emerged as the clear leader in on-chain card payments, capturing more than 90 percent of total on-chain card transaction volume, despite both Visa and Mastercard each operating more than 130 active crypto-related programs.
The data, highlighted by Cointelegraph via its official X account and later reviewed by the hokanews editorial team, underscores how early infrastructure partnerships have given Visa a decisive edge in the rapidly expanding intersection between traditional payments and blockchain technology.
While Mastercard remains deeply involved in crypto experimentation and partnerships, Visa’s early and aggressive push into on-chain settlement has positioned it as the dominant player in this niche but fast-growing market.
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| Source: XPost |
Early Infrastructure Made the Difference
Industry analysts point to Visa’s early integration with blockchain-native infrastructure as the primary reason for its dominance. Visa began working with crypto-native partners several years ago, enabling direct settlement and smoother interoperability between card payments and blockchain rails.
These early moves allowed Visa to build deep relationships with exchanges, stablecoin issuers, and crypto payment processors before competitors fully committed to the space.
As on-chain card usage accelerated, Visa’s systems were already embedded into much of the underlying infrastructure.
Similar Program Counts, Very Different Outcomes
At first glance, Visa and Mastercard appear evenly matched. Both companies reportedly support more than 130 crypto programs globally, ranging from exchange-issued cards to fintech partnerships and stablecoin-linked payment products.
However, volume tells a different story. Despite similar program counts, Visa processes the overwhelming majority of on-chain card transactions.
Analysts say this highlights a key distinction between having programs in place and being deeply integrated into transaction flows.
Why On-Chain Card Volume Matters
On-chain card volume measures how much payment activity ultimately settles on blockchain networks rather than through traditional banking rails.
This metric has gained importance as stablecoins and blockchain-based settlement become more common in cross-border payments, remittances, and crypto-native commerce.
Visa’s dominance in this area positions it well as financial institutions increasingly explore blockchain-based settlement to reduce costs and improve speed.
Mastercard’s Different Strategy
Mastercard has taken a more cautious and diversified approach, focusing on experimentation, compliance, and pilot programs across multiple jurisdictions.
While this strategy has helped Mastercard build regulatory relationships and explore future use cases, it has not translated into the same level of on-chain transaction volume as Visa.
Some analysts argue that Mastercard’s approach may pay off in the long term as regulations tighten and institutional adoption increases.
Stablecoins Drive Growth
Stablecoins play a central role in on-chain card payments. Many crypto-linked cards use stablecoins for settlement, allowing users to spend digital assets while merchants receive fiat currency.
Visa’s early partnerships with stablecoin issuers and crypto processors allowed it to optimize settlement flows and reduce friction.
As stablecoin usage continues to grow globally, this advantage has compounded over time.
Implications for the Payments Industry
Visa’s lead in on-chain card volume highlights how traditional payment giants are no longer just competing with each other, but also racing to integrate blockchain technology into their core infrastructure.
The success of Visa’s strategy suggests that early technical integration, not just brand recognition, will determine leadership in the next phase of digital payments.
For banks and fintech firms choosing partners, on-chain capability is becoming an increasingly important consideration.
Regulatory Environment Remains a Key Factor
Both Visa and Mastercard operate within complex regulatory frameworks that vary by country. Compliance remains a critical factor in determining how quickly on-chain payment solutions can scale.
Visa’s ability to work with regulated stablecoins and compliant partners has helped it expand while staying within regulatory boundaries.
Future regulatory developments could reshape competitive dynamics, particularly if clearer global standards emerge.
Market Reaction and Outlook
So far, Visa’s dominance in on-chain card volume has reinforced investor confidence in its long-term digital payments strategy.
Market observers expect competition to intensify as Mastercard and other payment networks invest more heavily in blockchain infrastructure.
However, Visa’s early lead may prove difficult to close.
Confirmation and Reporting Sources
Data on Visa and Mastercard’s crypto programs and on-chain card volume was highlighted by Cointelegraph via its official X account.
The hokanews editorial team cited Cointelegraph as a reference source while independently reviewing industry reports and payment network disclosures.
A Glimpse Into the Future of Payments
The growing importance of on-chain card volume signals a broader transformation in global payments.
As blockchain settlement becomes more common, the lines between traditional finance and crypto-native systems continue to blur.
Visa’s current dominance suggests that early infrastructure choices can shape market leadership for years to come.
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Writer @Ethan
Ethan Collins is a passionate crypto journalist and blockchain enthusiast, always on the hunt for the latest trends shaking up the digital finance world. With a knack for turning complex blockchain developments into engaging, easy-to-understand stories, he keeps readers ahead of the curve in the fast-paced crypto universe. Whether it’s Bitcoin, Ethereum, or emerging altcoins, Ethan dives deep into the markets to uncover insights, rumors, and opportunities that matter to crypto fans everywhere.
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