Visa, the world’s largest payment processor, has launched new consulting and advisory services in order to help its customers navigate the world of cryptocurrencies. It will thus offer advice to financial institutions, retailers and other businesses on everything from deploying cryptocurrency features to exploring non-fungible tokens, as the adoption of digital currencies gains steam.
This move marks Visa’s latest attempt to delve deeper into the cryptocurrency industry. From October 1, 2020, through September 30, 2021, the company processed US$3.5 billion in digital currency transactions through its cryptocurrency-linked card schemes.
The company’s latest offering is aimed towards financial institutions that want to attract or retain customers by offering crypto, retailers looking to explore non-fungible tokens, or central banks checking out digital currencies.
Visa’s new services include educating institutions about cryptocurrencies, helping manage backend operations, and allowing clients to use the payment processor’s network for digital offerings.
A new global study by Visa showed that around 40% of cryptocurrency owners surveyed would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.
Visa currently uses its network to allow buying, selling, and custody of digital currency. It also offers a credit card that lets users earn Bitcoin on purchases and allows the use of the stablecoin USD Coin too.
The company is also developing products targeting stablecoins, such as virtual tokens pegged to the value of sovereign currencies (typically the dollar), and digital currencies issued by central banks.
Visa hopes that its cryptocurrency advice can contribute to the widespread adoption of bitcoin and other digital currencies. Like rival Mastercard, the credit card giant sees cryptocurrencies as a key growth opportunity as it expands into areas beyond card payments.
