Visa launches Crypto Advisory Practice as awareness goes universal

Rick Steves

The payments firm states that a crypto offering can help financial institutions eager to attract or retain customers and its global network of consultants and product experts have deep expertise to help them move forward.

Visa has launched its Global Crypto Advisory Practice, an offering within Visa Consulting & Analytics (VCA) designed to help clients and partners advance their own crypto journey.

The digital payments giant is thus going deeper on crypto as digital currencies take greater hold in the popular consciousness.

40% crypto owners likely to switch banks

Nearly 40% of crypto owners would be likely to switch primary banks to one that offers crypto products, according to recent research shared by Visa, which added that awareness of crypto among financial decision makers surveyed is near universal at 94% around the world.

Carl Rutstein, Global Head, Visa Consulting & Analytics, said: “We’ve seen a material shift in our clients’ mindset in the last year, from a desire to explore and experiment with crypto, to actually building a strategy and product roadmap”.

Visa is now one of the crypto space’s strongest allies, spread across the globe and taking action in the United States, as the recent partnership with UMB Financial Corporation shows.

Uma Wilson, executive vice president, chief information and product officer at UMB Bank, commented: “We came to Visa to learn more about digital currency and the use cases that are most relevant for various business lines as we serve our customers in the years ahead. VCA helped us begin to explore a roadmap of a strategy – from product and partner selection to cross-functional considerations such as Technology, Finance, Risk, and Compliance.”

The payments firm states that a crypto offering can help financial institutions eager to attract or retain customers and its global network of consultants and product experts have deep expertise to help them move forward.

The same expertise can be helpful for retailers looking to delve into NFTs or central banks exploring digital currencies as understanding the crypto ecosystem is a vital first step.

The experience and know how gained from working with more than 60 crypto platforms helped the crypto team at Visa to be able help firms evaluate the crypto opportunity, develop concrete strategies, and pilot new user experiences and innovations like crypto rewards programs and CBDC-integrated consumer wallets.

Terry Angelos, SVP, and global head of fintech, Visa, said: “Crypto represents a technological shift for money movement and digital ownership. As consumers change their approach to investing, where they bank, and their views on the future of money, every financial institution will need a crypto strategy.”

Nearly three crypto-aware adults own crypto

Visa surveyed 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.).

The results point to universal awareness of crypto and that nearly one in three crypto-aware adults already own or use cryptocurrency.

Engagement is higher in emerging markets. 37% of the crypto-aware consumers surveyed in emerging markets use or own crypto, compared to 29% in developed markets.

The biggest drivers of owning and using cryptocurrency are to take part in the “financial way of the future” (42%) and to build wealth (41%).

Among 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. 84% are interested in crypto rewards, which allow you to earn crypto as a reward for your card spending.

Consumers are willing to switch banks in search of crypto products. Globally, 18% of survey participants say they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months. This is particularly true for emerging markets, which jumps to 24%. Among consumers who already own cryptocurrency, nearly 40% are willing to make the switch.

 

Read this next

Digital Assets

AAX ranked world’s second largest spot exchange, only behind Binance

Crypto trading volumes experienced their first surge in activity since March as the majority of digital assets began their recovery from the recent grim price action, according to a new report by Cryptocompare.

Digital Assets

Bitpay teams up with Cardlytics to provide 15% cashback rewards

Crypto payment service provider Bitpay announced a partnership with Cardlytics Inc (NASDAQ:CDLX), which it says will offer more rewards for BitPay cardholders on its platform.

Digital Assets

BlackRock digs further into crypto with spot bitcoin private trust

BlackRock, the world’s largest asset manager with almost $8 trillion in AUM, has launched a spot bitcoin private trust for institutional clients in the United States.

Digital Assets

SEC fines Bloom Protocol, orders refund to BLT token purchasers

Blockchain startup Bloom, which raised $30 million in funds via an initial coin offering (ICO), has agreed to return the money to token purchasers and pay a $300,000 fine, the SEC announced.

Institutional FX

FX volume takes step back at Singapore Exchange in July

The Singapore Exchange (SGX), the country’s paramount exchange operator, has released its monthly volumes across its FX, derivatives and commodities segments for July 2022.

Market News

The Week Ahead: 12 August from David Madden, Market Analyst at Equiti Group

There was a spike in volatility last week when the US CPI report ticked down to 8.5% from 9.1%, missing the forecast of 8.7%. The announcement led to chatter the Fed might not carry out a 0.75% interest rate hike in September.

Digital Assets

Pomelo Pay adds crypto payments capabilities from TripleA

According to a June survey conducted by Deloitte, nearly 75% of retailers plan to accept either cryptocurrency or stablecoin payments within the next two years.

Executive Moves

Talos appoints “boss, mentor, and friend” Neal Pawar as strategic advisor

“Foundational technologies are needed for institutions to fully embrace this potential, however, and in my opinion Talos’s platform is steadily becoming the de facto industry standard for digital asset trading.”

Technology

Avelacom enhances Middle East connectivity amid new market trends

Avelacom found that smaller markets in the region were not sufficiently covered by third-party vendors.

<