Visa adds crypto-focused services to advisory and analytics offerings

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Visa has announced the launch of its Global Crypto Advisory Practice, a new service within its Visa Consulting & Analytics (VCA) business that will advise clients on all aspects of crypto investing and adoption.

The digital payments company noted that recent research found that 94% of global “money makers” are currently considering crypto-based products or investments. This includes NFTs, digital currencies, and other crypto ecosystems. Visa plans to provide advice on adopting crypto strategies and launching crypto-focused products, such as blockchain-based rewards programs and central bank (CBDC) consumer digital currency wallets.

Carl Rutstein, global head of Visa Consulting & Analytics, said the company has seen a “significant shift in the mindset of our clients over the past year, from a desire to explore and to experiment with cryptography in the development of a strategy and a product roadmap “. This led to the creation of a more comprehensive study in which Visa found that nearly a third of its respondents had already engaged in some way with crypto products, 40% of those who did. already owned a cryptocurrency stating that they would like to change their banking needs. to an institution that offered crypto-related products within a year.

Other notable findings from the study include higher crypto use rate in emerging markets (37% vs. 29% in developed countries); 42% of respondents define cryptocurrency as the financial technology of the “future”; and 84% of respondents noting their interest in credit cards that offer crypto-based rewards.

Despite the growing attention to crypto technology and services, the general reluctance to buy too deeply persists. Only 18% of all participants said they would actually switch to a major bank for its cryptocurrency service offering in the next 12 months. Although that figure has risen to the aforementioned 40% for those who already own a cryptocurrency, the technology still seems to have a long way to go to prove that it is worth investing among the uninitiated.

That said, a growing number of well-known financial institutions, governments and large retailers are showing their support for what was once considered a fintech toy for risk takers and tech geeks. Visa’s decision to base a whole range of services around technology is just another pillar in the increasingly solid structure that maintains crypto products as a legitimate and permanent part of global finance.

Assuming that the issues surrounding the environmental impact of cryptocurrency mining operations can be adequately addressed, supporters like Jack Dorsey might continue to tweet I told you for years to come.

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