Visa introduces crypto advisory services to assist partners in navigating digital currency

• The payments processor’s crypto advisory practice educates financial institutions and retailers about cryptocurrencies

• UMB, an American bank, is already utilizing Visa crypto advising services

Visa, the world's leader in digital payments on Wednesday unveiled a global crypto advice service that will assist customers and partners in advancing their crypto experience. 

The payments processor said that its crypto advisory practice is an offering within Visa Consulting & Analytics division is aimed at “financial institutions eager to attract or retain customers with a crypto offering, retailers looking to delve into non-fungible tokens (NFTs), or central banks exploring digital currencies and understanding the crypto ecosystem.”

Visa has cited UMB, an American bank, as a client that is already utilizing its crypto advising services.

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“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, said Uma Wilson, executive vice president at UMB Bank, in a statement. 

“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.”

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Visa's global network of consultants and product experts educates institutions about cryptocurrencies, allowing customers to access the payment processor's network for digital products, and assisting with backend operations management.

The Crypto Phenomenon: Consumer Attitudes & Usage

The Visa research, which polled over 6,000 financial decision-makers in eight markets (Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the United Kingdom, and the United States), discovered the following findings:

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Crypto awareness is nearly widespread, with 94 percent of poll participants with discretion over their household finances.

In addition, over 40% of crypto owners polled internationally said they are likely or very likely to transfer their primary bank to one that provides crypto-related products in the next 12 months.

In emerging markets, 37 percent of crypto-aware consumers use or own cryptocurrency, compared to 29 percent in established markets.

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Among existing cryptocurrency owners, 81 percent are interested in crypto-linked cards, which allow you to convert and spend cryptocurrency at stores in the same manner you would use a debit or credit card.

The most important reasons for holding and utilizing cryptocurrencies are to participate in the "financial way of the future" (42 percent) and to accumulate wealth (41 percent) – both of which are long-term motivators.