Visa Inc, the largest payment processor in the world launched Visa global Crypto Advisory services on Wednesday 8 Dec 2021. This initiative was required due to the rise in the adoption of digital currencies which is taking a high hold in popular consciousness.
Visa’s Global Crypto Advisory Services
The launch of the Visa global crypto advisory services is coming up against the viewpoint of unprecedented investors who were demanding Cryptocurrency services. This move is hereby geared towards financial institutions that are looking to acquire and retain customers with a cryptocurrency service, dealers wanting to delve into NFTs(Non-Fungible Tokens) or even the Central Banks considering and wanting to explore digital currency.
Visa stated that over sixty(60) platforms have worked together with them and provided a worthwhile experience for its product specialists and consultants.
Visa stated that they are caple of rendering assistance to financial institutions by
“evaluating crypto opportunities, development of concrete strategies, and take lead on new user experiences along with innovations like crypto rewards programs and CBDC-integrated consumer wallets.”
Visa’s service also includes creating awareness to institutions about crypto, allowing clients access to the use of payment processor’s network for digital offerings, and also helping to manage runnings at the backend.
“We approached Visa to delve and learn about cryptocurrency and stablecoins and also the use cases that will be most relevant for our retail and commercial business lines,” said the executive vice president at UMB Bank, Uma Wilson.
Visa’s Survey on Cryptocurrency
On Wednesday the 8th of December, Visa also released a survey report titled “The Crypto Phenomenon: Consumer Attitudes and Usage.” This report has a survey of over 6,000 final decision-makers across 8 major markets which are Argentina, Australia, Brazil, Germany, South Africa, Hong Kong, the UK, and the United States.
The survey result stated that:
“All of the survey participants who have liberties over their finances are all almost aware of cryptocurrency at 94% worldwide”
Also, “almost 1 out of 3 crypto-aware adults currently owns or use crypto, and most of those in that group (say about 62%) said their use in the past year has increased”.
The survey also revealed that
“Amidst current crypto owners, 81 percent show interest in crypto-linked cards that will allow for conversion and spending of crypto at retailers shop the same way a debit or credit card can be used. 84% of owners are much interested in crypto rewards that allow the reward of their card spending in form of crypto”
A new global report by Visa shows 40% of crypto owners would likely or most likely switch their primary bank to the one that’s able to offer crypto-related products or services in the next 12 months.
Visa is presently using its network to access buying, selling, and owning digital currencies. It as well gives a credit card that allows users to earn bitcoin while shopping and also allows for the use of USD coin, a crypto stablecoin that has the exact value as the U.S dollar to sort transactions on its payment network.
Although for crypto coins such as BTC to be used as a medium of exchange, the price has to be stable, said Vasant Prabhu, Visa’s chief financial officer.
“If the price of BTC fluctuates from $60,000 – $50,000 in just a few hours, it will be very difficult for a merchant to accept it as a currency” Prabhu stated.
The Visa head of crypto, recently mentioned: “Cryptocurrency is becoming cultural and cool.” He explained further that it is a “whole new class” of mainstream and consumers are entering the space because of non-fungible tokens (NFTs).
Though, Visa’s chief financial officer Prabhu, also mentioned that ” I am not sure if Crypto coins such as BTC will ever be a medium of exchange although Stablecoins will,” adding that when the time is right, Visa would facilitate the transactions.
Visa was part of the TRM funding round that was held this week for cryptocurrency transaction monitoring and a platform for forensics.