Global payments giant Visa is expanding its reach into the crypto industry with the launch of a new consulting arm.
Visa announced today in a statement that it would be introducing a crypto advisory service to help its partners “navigate a new era of money.” According to the corporate behemoth, which brought in over $21 billion in revenue in 2020, the case for crypto is getting stronger for financial institutions.
Vis says that for institutions looking to attract customers with crypto-related offerings, such as retailers looking at NFTs or banks exploring digital currencies, understanding the ecosystem is the first step.
“Through their work with more than 60 crypto platforms, 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.”
Terry Angelos, senior vice president and global head of fintech at Visa said that “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.”
According to research published by Visa today, crypto has moved from a niche asset class reserved for a small community of investors to a broader market accessible by the mainstream. Visa shared data that showed out of everyone aware of crypto, a third of them own or use it, and the majority saying their use has increased over the past year. Another 21% of crypto-aware consumers are curious about the space, have positive impressions of it, and plan on entering the market soon.
Visa’s rival Mastercard has also been open about its splash into the digital asset industry. Last month, the company announced a trio of partnerships with Asian crypto companies Amber, Bitkub and CoinJar to make it easier for its clients to send and spend cryptocurrency with their Mastercards.
“Cryptocurrencies are many things to people—an investment, a disruptive technology, or a unique financial tool. As interest and attention surges from all quarters, their real-world applications are now emerging beyond the speculative,” said Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payment Flows, Asia Pacific, Mastercard.
“Mastercard is expanding what’s possible with cryptocurrencies to give people even greater choice and flexibility in how they pay.”