Visa Crypto Cards Used in India Despite Regulatory Uncertainty

Indian users can now spend cryptocurrency at local retailers using overseas Visa-branded cards. These cards, issued by platforms abroad, have daily limits of up to $1 million and are accepted at merchants who treat them as standard card sales.

The cards are funded from a crypto or stablecoin balance held offshore and do not require users to pass through a domestic Virtual Digital Asset (VDA) exchange. Public product pages for several programmes advertise ceilings of $100,000 per transaction and $1 million daily.

Regulators may tighten caps on these offshore cards to align with RBI's prepaid instrument limits. The CBDT could also expand reporting requirements to target tax gaps from crypto-funded purchases via gift cards and Visa cards.