Visa, the most prominent digital payment company, announced the introduction of Visa’s Global Crypto Advisory Practice, a new product under Visa Consulting & Analytics (VCA) aimed at assisting customers and partners in their crypto use. According to a Visa study released today, the launch comes when digital currencies are gaining traction in the public eye; knowledge of crypto among financial decision-makers worldwide is near-universal, at 94 percent. 1
Understanding the crypto ecosystem is a critical first step for financial institutions to attract or keep consumers with a crypto service, businesses interested in NFTs, and central banks looking at digital currencies.
Visa’s global network of product experts brings expertise in helping financial institutions check out the crypto opportunity, create strategies, and work towards new user experiences like crypto bonus programs and consumer wallets that are CBDC-integrated. This is as a result of their work with more than 60 crypto platforms.
Carl Rutstein, Global Head, Visa Consulting & Analytics, mentioned that they had witnessed a significant shift in their customers’ mindsets, from a desire to learn more about crypto developing the proper roadmap for the product. Visa works with associates in every location today, including the United States, where the team collaborates with UMB Financial Corporation.
The Research Work by Visa
Client interest in developing crypto solutions coincides with new Visa data indicating widespread consumer awareness and uptake worldwide. According to Visa’s recent worldwide survey, “The Crypto Phenomenon: Consumer Attitudes & Usage,” approximately one-third of respondents had directly dealt with cryptocurrency in the form of an investment or a medium of exchange. In addition, over 40% of crypto owners polled internationally said they are likely or very likely to change their primary bank to one that provides crypto-related products in the next year. As customers’ attitudes on investing, banking, and the future of money evolve, financial institutions will require a crypto strategy.
About Visa Inc.
Visa Inc. is the world’s largest provider of digital payment services. The goal is to link the globe with the most creative, dependable, and secure payment network possible, allowing individuals and economies to prosper. VisaNet, the global processing network by the firm, ensures safe and dependable payments all over the globe and can handle over 65,000 transaction messages every second. The company’s unwavering commitment to innovation is a driving force behind the fast expansion of digital commerce on any device, irrespective of the location.
About Visa Consulting & Analytics
Visa Consulting & Analytics (VCA) is Visa’s payments consulting and advisory division. This division consists of a client-facing worldwide workforce of over 700 payments advisors and economists located in over 75 cities. Extensive payments knowledge and economic intelligence enable us to provide actionable insights and ideas that help clients make better business decisions and achieve quantifiable results.