With crypto being adopted by hundreds of million people, financial services giant and the world’s largest card company, Visa, is adapting to cryptocurrency. It’s releasing advisory and consulting services to help clients better understand cryptocurrency.
“Visa’s 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 and innovations like crypto rewards programs and CBDC-integrated consumer wallets.”
Visa explored consumer interest in crypto and now seeks to further its adoption by offering crypto consultancy.
Financial institutions being closely involved with crypto influences the growth and adoption of cryptocurrency on a global level. Most financial decision-makers (94%) in the world are aware of crypto, according to Visa’s survey. A third of surveyed respondents have been engaged with crypto in some way, and almost 40% of crypto owners are likely to switch their primary bank to the one that is more crypto-friendly.
“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,”
Carl Rutstein, the Head of Visa Consulting & Analytics said.
On the Flipside
- Visa is being pressured by large corporations (such as Amazon) due to its high fees.
- Mastercard, Visa’s major competitor, is increasing crypto offerings too.