Payments giant Visa has launched global crypto advisory services. The companyâ€™s executive says: â€œWeâ€™ve seen a material shift in our clientsâ€™ mindset in the last year, from a desire to explore and experiment with crypto, to actually building a strategy and product roadmap.â€
Visaâ€™s Global Crypto Advisory Services
Payments giant Visa announced Wednesday the launch of its â€œglobal crypto advisory services,â€ an offering within Visa Consulting & Analytics (VCA). â€œThis comes at a moment when digital currencies are taking greater hold in the popular consciousness,â€ Visa noted.
The company explained that its consultants and product experts have gained expertise from working with more than 60 crypto platforms. Visa noted that they can help â€œfinancial institutions evaluate the crypto opportunity, develop concrete strategies, and pilot new user experiences and innovations like crypto rewards programs and CBDC-integrated consumer wallets.â€
Claudio Di Nella, head of Visa Europeâ€™s consulting & analytics, opined:
Weâ€™ve seen a material shift in our clientsâ€™ mindset in the last year, from a desire to explore and experiment with crypto, to actually building a strategy and product roadmap.
â€œWe came to Visa to learn more about crypto and stablecoins and the use cases that are most relevant for our retail and commercial business lines,â€ said Uma Wilson, executive vice president at UMB Bank.
On Wednesday, Visa also released a report titled â€œThe Crypto Phenomenon: Consumer Attitudes & Usage.â€ It includes a survey of more than 6,000 financial decision-makers across eight markets: Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the U.K., and the U.S.
According to the survey findings:
Awareness of crypto is almost universal at 94% globally among survey participants with discretion over their household finances.
In addition, â€œNearly one in three crypto-aware adults already own or use cryptocurrency, and the majority of that group (62%) say their use has increased in the past year.â€
The survey also found that â€œAmong current crypto owners, 81% express interest in crypto-linked cards, which allow you to convert and spend crypto at the retailers where you shop in the same way you can use a debit or credit card.â€ Meanwhile, â€œ84% are interested in crypto rewards, which allow you to earn crypto as a reward for your card spending.â€
Cuy Sheffield, Visaâ€™s head of crypto, recently said: â€œCrypto is becoming cultural. Itâ€™s becoming cool.â€ He explained that a â€œwhole new classâ€ of mainstream consumers are entering the crypto space because of non-fungible tokens (NFTs). This week, Visa participated in a funding round for crypto transaction monitoring and forensics platform TRM.
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