Visa has announced its Global Crypto Advisory Practice. The offering is within Visa Consulting & Analytics (VCA) and it is designed to help clients and partners advance their own crypto journey.
The new services come at a time when digital currencies are more popular then ever. The company quoted research, stating that awareness of crypto among financial decision makers is almost 94% around the globe.
Understanding the crypto ecosystem is an essential first step for financial institutions with a crypto offering, retailers looking to explore NFTs, or central banks exploring digital currencies. Visa’s global network of consultants and product experts can help financial institutions evaluate the crypto opportunity, develop strategies, and launch new user experiences such as crypto rewards programs and CBDC-integrated consumer wallets.
Carl Rutstein, Global Head, Visa Consulting & Analytics, 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.
Uma Wilson, executive vice president, chief information and product officer at UMB Bank, added:
We came to Visa to learn more about digital currency and the use cases that are most relevant for various business lines as we serve our customers in the years ahead. VCA helped us begin to explore a roadmap of a strategy – from product and partner selection to cross-functional considerations such as Technology, Finance, Risk, and Compliance.
In a global study, “The Crypto Phenomenon: Consumer Attitudes & Usage,” Visa discovered that almost one third of participants have been involved with cryptos as an investment or as a medium of exchange. According to the research, around the world almost 40% of crypto owners say “they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.”
Terry Angelos, SVP, and global head of fintech, Visa, stated:
Crypto represents a technological shift for money movement and digital ownership. As consumers change their approach to investing, where they bank, and their views.
