Visa launches Crypto Advisory Practice as awareness goes universal
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.
