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December 9, 2021

Visa deepens crypto push with launch of new advisory service

By Shalini mani

US payments giant Visa is introducing crypto advisory services to help its clients understand the crypto ecosystem amid the increased adoption of digital currencies around the world.

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Part of Visa’s Consulting & Analytics (VCA) unit, the Global Crypto Advisory Practice will advise financial institutions, merchants, and other clients on crypto opportunities.

This includes the development of strategies, as well as piloting innovations such as central bank digital currencies (CBDC)-integrated consumer wallets and crypto rewards programmes.

The new service is already being used by UMB Financial in the US.

A recent research by Visa found that around 40% of crypto owners would likely or very likely switch their primary bank to one that offers crypto-related products in the next 12 months.

Visa Consulting & Analytics global head Carl Rutstein 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.”

Visa senior vice-president and global head of fintech Terry Angelos added: “Crypto represents a technological shift for money movement and digital ownership.

“As consumers change their approach to investing, where they bank, and their views on the future of money, every financial institution will need a crypto strategy.”

Visa has been accelerating its presence in the crypto space with various initiatives.

This September, the firm announced that it is developing a universal payment channel to interconnect several blockchain networks and enable transfer of cryptocurrencies.

Called ‘Universal Payment Channel’ (UPC), the project looks to link blockchain networks to a range of cryptocurrencies, stablecoins and CBDCs.

In May, Visa teamed up with fintech Tala to develop a cryptocurrency solution that will help underbanked populations convert, store, and use virtual currencies.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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