Digital payments giant Visa announced the launch of their latest offering, Visa’s Global Crypto Advisory Practice.
Situated within Visa Consulting & Analytics (VCA), it is designed to help partners and clients navigate through the complexities of their cryptocurrency journey.
This announcement could not be more timely, as digital currencies are becoming more and more popular. Research from Visa showed that awareness of crypto among financial decision-makers is at 94% worldwide.
Understanding the crypto ecosystem is necessary for financial institutions wishing to gain and keep customers with crypto offerings, retailers wanting to dip their toes into NFTs, and central banks looking into digital currencies.
With experience in a network of 60 crypto platforms, Visa’s consultants and product experts can help financial institutions assess the crypto opportunity, craft solid strategies, and lead new user experiences and innovations, such as crypto rewards programs and CBDC-integrated consumer wallets.
According to Visa research, there is significant awareness and adoption of crypto solutions, which is building client interest.
In their study “The Crypto Phenomenon: Consumer Attitudes & Usage”, a third of those surveyed have had direct engagement with crypto as either an investment vehicle or a medium of exchange.
On a global scale, 40% of crypto owners polled said they are likely to change their primary bank to one that provides crypto-related products.
Over 6,000 financial decision-makers in eight markets – Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the UK, and the US – were surveyed, revealing the following insights:
- Awareness of crypto among respondents managing their household finances is at 94% globally
- One in three crypto-aware adults are already using or own cryptocurrency, while 62% of them reported that they increased their use in the past year
- Emerging markets have higher engagement (37% as opposed to 29% in developed markets)
- Strongest drivers of owning and using cryptocurrency are belief in it as the “financial way to the future” (42%) and wealth-building (41%)
- 81% of crypto owners are interested in crypto-linked cards and crypto rewards.
“Crypto represents a technological shift for money movement and digital ownership,” said Terry Angelos, SVP and global head of fintech. “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.”
