Market News

Visa Partners with CoinZoom to Enable Cryptocurrency Payments

Visa (V) and CoinZoom have joined forces to make it easy for people to spend cryptocurrencies at more than 53 million locations. CoinZoom Visa cardholders can earn between 1% and 5% in card rewards for every purchase that they make.

CoinZoom Visa cardholders will have to select the cryptocurrency they want to use on the CoinZoom App. In return, Visa and CoinZoom will convert their crypto holdings into a currency accepted by the merchant.

Consumers’ rewards for using the CoinZoom Visa Card will depend on the number of ZOOM tokens in their accounts. Trading fee discounts are also on offer when placing trades on the exchange for people who maintain the required number of ZOOM tokens.

While the CoinZoom Visa card is currently only available to U.S. customers, there are plans to make it available globally. (See Visa stock analysis on TipRanks)

Mizuho Securities analyst Dan Dolev believes Fiscal Q2, ended March 30, marks a watershed moment for Visa given accelerating U.S. payment volumes and the unfolding crypto strategy. U.S. payment volumes were up 29% in April vs. 2019 levels.

“Is there more upside coming? We say yes, as F3Q’s revenue guide looks overly conservative. It assumes: higher incentives, a significant deceleration in two-year stack vs. 2019, and flat Q/Q growth vs. normal trends. We are higher at +23% vs. guide of high-teens, which we view as likely still conservative,” Dolev wrote in a research note to investors.

Dolev has since reiterated a Buy rating on Visa. The analyst has upped the price target to $275 from $250, implying 21.18% upside potential to current levels.

Consensus among analysts on Wall Street is a Strong Buy based on 18 Buy and 3 Hold ratings. The average analyst price target of $267.63 implies 17.93% upside potential to current levels.

V scores a 6 out of 10 on TipRanks’ Smart Score rating system suggesting its performance is likely to align with market expectations.

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