Visa launches crypto advisory service for banking and retailer clients profiting from the digital asset phenomenon

  • The newly launched service is geared at central banks, retailers and banks
  • Visa says 78% of people in the UK expressed interest in crypto-linked cards

The world’s biggest payment processor Visa has launched a global cryptocurrency advisory service for commercial clients like banks, as the adoption of digital currencies continues to gain momentum.

The group’s advisory service is being geared towards financial institutions keen to attract or retain customers with a crypto offering.

It is also likely, the group hopes, to appeal to certain retailers looking to delve into the world of non-fungible tokens, or central banks exploring digital currencies in more depth.

Visa claimed the case for crypto was ‘getting stronger’, adding that recent UK-based research showed 41 per cent of adults surveyed had either used cryptocurrencies or viewed them positively.

Among current UK crypto owners surveyed, 78 per cent expressed an interest in crypto-linked cards, which enable shoppers to convert and spend crypto in the same way you can use a debit or credit card.

Eighty-five per cent of people Visa surveyed in the UK said they were interested in crypto rewards, which allow people to earn crypto as a reward for card spending.

Visa also revealed that awareness of crypto among financial ‘decision makers’ surveyed in the UK is high, at 92 per cent.

A global study the group conducted reportedly revealed that nearly 40 per cent of crypto owners would be ‘likely or very likely’ to switch their primary bank to one that offers crypto-related products in the next year.

Visa’s new services include educating institutions about cryptocurrencies, allowing clients to use the payment processor’s network for digital offerings, and helping manage backend operations.

Antony Cahill, deputy chief executive of Visa, Europe, said: ‘Crypto represents a technological shift for money movement and digital ownership.’

He added: ‘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 said in a statement: ‘For financial institutions eager to attract or retain customers with a crypto offering, retailers looking to delve into NFTs, or central banks exploring digital currencies, understanding the crypto ecosystem is a vital 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.’

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