Visa Launches Crypto Advisory Services; Research Finds 94% Crypto Awareness
Digital payments giant Visa (V), on Wednesday announced the launch of Visa’s Global Crypto Advisory Practice, an offering within Visa Consulting & Analytics (VCA) designed to help clients and partners advance their own crypto journey.
Through their work with more than 60 crypto platforms, the expertise of Visa’s global network of consultants and product experts are expected to help financial institutions evaluate the crypto opportunity, develop concrete strategies, and pilot new user experiences and innovations like crypto rewards programs and CBDC-integrated consumer wallets.
The crypto advisory practice could help clients explore a strategy roadmap, ranging from product and partner selection to cross-functional considerations such as Technology, Finance, Risk, and Compliance. The launch underscores the findings of a global research also released by Visa on the same day that showed the awareness of crypto among financial decision makers surveyed as near universal at 94 percent.
“The Crypto Phenomenon: Consumer Attitudes & Usage,” study surveyed more than 6,000 financial decision makers across eight markets (Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the U.K. and U.S.). The study showed that nearly one-third of the respondents have directly engaged with crypto – either as an investment vehicle or as a medium of exchange. The majority of that group (62 percent) said their use has increased in the past year. Engagement was higher in emerging markets at 37 percent, as compared to 29 percent in the developed markets.
The biggest drivers of owning and using cryptocurrency are to take part in the “financial way of the future” (42 percent) and wealth-building (41 percent). Among current crypto owners, 81 percent expressed interest in crypto-linked cards, allowing conversion and crypto spending akin to a debit or credit card. 84 percent found crypto rewards attractive, Globally, 18 percent 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. In emerging markets, 24 percent endorsed such a switching.
Among actual crypto owners, the switch percentage was higher at 40 percent.
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