Visa Introduces New Cryptocurrency Services
Visa is launching new advisory services to help its clients navigate the cryptocurrency world.
The payment processor stated that its crypto-consulting practice, located in its consulting and analytical unit, would offer advice to financial institutions, retailers and other firms throughout, from the deployment of cryptography functions to the investigation of non-financial tokens.
The move marks Visa’s latest attempt to push deeper into the crypto industry. From Oct. 1, 2020 to Sept. 30, 2021, the company processed $3.5 billion in digital currency transactions through its crypto-linked card schemes, according to Nikola Plecas, Visa’s European crypto lead.
“Some of these leading exchanges have millions or, in some cases, tens of millions of users,” said CNBC, adding that the company allows users to spend their cryptography on more than 80 million traders.
The company also develops products focused on stable coins – virtual counters tied to the value of sovereign currencies, typically the dollar, and digital currencies issued by the central bank.
Visa hopes its crypto consultancy can help further mainstream 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.
Major payment networks have faced increased competition from an influx of new financial upstarts in recent years. Emerging trends such as open banking, which aims to open up consumer bank information and payment capabilities to rival fintechs, threaten to disrupt their business model.
Meanwhile, Visa is also under pressure from major technology companies. Amazon last month said that he would stop accepting Visa credit cards in the UK. because of “high company fees.” Titan e-commerce took similar steps against visas in Australia and Singapore.
A study published by Visa Wednesday found that 94% of people now have some level of knowledge of cryptography, while almost a third use it as an investment or a medium of exchange. More than 6,000 people worldwide were interviewed for the study, which was conducted in partnership with the marketing firm LRW.
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