Visa Will Consult Banks On Crypto To Drive Mainstream Adoption
Payment giant Visa is launching an advisory and consulting service on Bitcoin and cryptocurrency for its institutional clients, according to reports on Wednesday 8 December. Visa will advise banks, fintech companies, and retailers looking to implement crypto services.
“Visa hopes its crypto consultancy can help further mainstream adoption of bitcoin. Like rival Mastercard, the credit card giant sees cryptocurrencies as a key growth opportunity as it expands into areas beyond card payments.”
The advisory service will reportedly be within its consulting and analytics division. Visa’s European cryptocurrency lead Nikola Plecas said that Visa sees Bitcoin and cryptocurrency as a “huge new vertical and growth opportunity,” adding that Visa “will be continuing to focus on growing this business moving forward.”
The payment giant also published a new research paper on Wednesday exploring consumer attitudes towards and usage of cryptocurrencies. The research, conducted in partnership with marketing services firm LRW, surveyed more than 6,000 people globally and revealed that 94% of them are aware of cryptocurrency. About one-third have used it.
18% of respondents would be likely or very likely to switch primary banks over the next year to one offering bitcoin-related services. In emerging markets, that number rose to 24%, while 40% of those that already own bitcoin or cryptocurrency said they would make a similar move.
Visa’s head of cryptocurrency, Cuy Sheffield, said that the payments company thinks there’s “deep consumer demand” for cryptocurrency. Every financial institution should have a dedicated strategy to the space, he said. Sheffield explained that was the primary reason they set up the advisory services team.
