Visa launches an advisory service in cryptocurrencies and digital currencies with which it seeks to help clients and partners to advance in this area. The service will be integrated into Visa Consulting and Analytics.
Discover the business opportunities offered by cryptocurrencies and develop strategies to test new experiences with some of the main objectives with which Visa has launched this advisory service.
Integrated within Visa Consulting and Analytics, this service responds to a growing demand since knowledge about the cryptocurrency ecosystem is essential, both for financial institutions that want to attract or retain customers with crypto solutions, and for retailers who seek delve into NFTs, and for banks exploring digital currencies.
To provide this service, the firm works with more than 60 platforms of cryptocurrencies, VISA’s global network of consultants and product experts with extensive industry experience. Thanks to this, the service allows to evaluate the business opportunities offered by cryptocurrencies and to test new user experiences and innovations such as cryptocurrency rewards programs and consumer portfolios integrated into CBDC.
As Carl Rutstein, global director of Visa Consulting & Analytics points out, the growing interest in cryptocurrencies has led to the launch of this service since, according to a study by the company, almost 40% of consumers would be willing to change their bank for another that offers products linked to the crypto ecosystem.
In this sense, the person in charge highlights that “In the last year, we have observed a substantial change in the mentality of our clients, who have gone from an interest in exploring the possibilities offered by cryptocurrencies to the design and construction of a tangible strategy and a roadmap for these products”.
The takeoff of cryptocurrencies
According to the study “The crypto phenomenon: use and positioning among consumers”, digital currencies and cryptocurrencies have been gaining followers and there is more and more knowledge and adoption around the world.
In fact, almost a third of those surveyed have already had a relationship with these cryptocurrencies, either as an investment or as a medium of exchange. As Terry Angelos, SVP and Global Head of Financial Technology at Visa, highlights, “Crypto represents a technological change for monetary transactions and digital property”.
Likewise, the person in charge also highlights that “as consumers change their approach to investment, where they do their banking, and their views on the future of money, each financial institution will need to establish a specific strategy on crypto.”
But the study, for which they have surveyed more than 6,000 financial decision makers in eight markets, also leaves other big conclusions, such as that the degree of knowledge of cryptocurrencies It now reaches 94% worldwide and 62% indicates that its use has increased in the last year.
Also, 37% of crypto-savvy consumers in emerging markets use or own crypto, a percentage that in developed markets stands at 29%. Wealth creation and the vision of the crypto world for the future of financial services stand as the two main drivers of this segment.
For their part, 81% of those who have crypto assets is interested in cryptocurrency cards, which allow you to convert and spend these currencies in shops as if using a credit card. In addition, another point in favor of making use of these cryptocurrency cards is the importance they give to crypto-rewards, which allow you to earn these assets by spending with a card.
Given this great interest in cryptocurrencies, the study also highlights that 18% of consumers consider it probable or very probable to change their bank next year for one that offers products related to crypto.