Visa has recently introduced a new development called ‘Global Crypto Advisory Practice’. This is simply a crypto consulting and analytic initiative from Visa. The sole aim of this initiative is to orient Visa’s customers and partners on the subject of cryptocurrency and blockchain technology.
What does this tell you? The adoption of cryptocurrency can only continue to increase. With developments as this, we will not only record increased adoption. Equally, we will achieve adequate crypto education. Of course, you know that adoption without proper education can only lead to a disaster.
Hence, Visa’s services will now include educating financial institutions about cryptocurrencies and allowing clients to use the payment processor’s network for digital offerings.
Furthermore, Visa’s global network of consultants and specialists will help financial institutions access crypto opportunities, develop concrete strategies and test new user experiences. Innovations such as crypto rewards programs and customer crypto wallets will be onboarded, the company said.
However, this is not the company’s first move towards crypto adoption. Since March 29 2021, Visa allowed the use of the stablecoin USDC for settlement of transactions on its payment network. Well, this is only possible when using Crypto.com. Visa further noted that it plans on offering the option to more partners later.
According to Reuter, Visa will launch services this year that will allow buying, selling and custody of digital currency through its banking partners.
Why the Global Crypto Advisory Practice
On December 8 2021, Visa announced that it is set to offer crypto advisory services to its users and partners. This launch comes owing to the fact that, crypto is gaining traction with financial institutions and the public at large.
Visa finds out that customers’ interest in accessing crypto solutions is rapidly growing. Also, nearly a third of its customers have already traded in crypto, either as an investment vehicle or as a vehicle for exchange.
More so, research shows that crypto awareness among financial institutions is greatly increasing. It might interest you to know that, the likes of MasterCard, BNY Mellon and BlackRock Inc have taken steps to make more use of cryptocurrencies for investment and payment purposes. Visa has refused to be left behind.
The study also indicates that about 40% of crypto holders are most likely to switch to financial institutions offering crypto products and/or services in the next 12 months.
In order to retain or attract users, a crypto inclusion became very needful for Visa. According to Antony Cahill (deputy CEO, Visa, Europe);
Crypto represents a technological change for the movement of money and digital property. As individuals change their approach to investing, banking choices, and perspectives on the future of currencies, every financial institution will need a crypto strategy.
Visa Inc is the world’s leader in digital payments. The company is focused on connecting the world through the most innovative, reliable and secure payment network. Visa provides digital payments across more than 200 countries and territories.
VisaNet provides secure and reliable payments around the world. It is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is the catalyst for its adoption of crypto strategies.