Visa gets ahead of the ‘crypto phenomenon’

World leading payment processor Visa has launched a crypto advisory service for its clients and partners under its Visa Consulting and Analytics (VCA) arm.

Through its work with more than 60 crypto platforms, Visa said its global network of consultants and product experts have deep expertise to help financial institutions evaluate the crypto opportunity, develop concrete strategies, and pilot new user experiences.

The launch of the crypto advisory service comes at a time when digital currencies are taking a greater hold in popular consciousness. According to research published by Visa, awareness of crypto among is near universal at 94% globally.

Surveying 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 Visa study revealed that of those crypto-aware participants, nearly one in three already own or use cryptocurrency, and 62% of that group said their use has increased in the past year.

Importantly, 81% of crypto owners expressed 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.

Moreover, the survey uncovered that consumers are willing to switch banks in search of such crypto products. 18% said 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.

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.”

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