Visa is introducing new advisory and consulting services to help clients navigate the world of cryptocurrencies.
The payment processor said Wednesday that its crypto consulting practice, based in its consulting and analytics department, will advise financial institutions, retailers, and other companies on everything from providing features from cryptography to finding non-fungible tokens. Visa has named the US ATM bank as a customer already using its crypto advisory services.
This move is Visa’s latest attempt to delve into the cryptocurrency industry. From October 1, 2020, to September 30, 2021, the company processed $ 3.5 billion in digital currency transactions through its crypto card systems, according to Nikola Plecas, Visa’s European Head of Crypto.
“Some of these major exchanges have millions, or in some cases thousands of millions,” Plecas told, adding that the company allows users to spend their cryptocurrencies with more than 80 million merchants.
The company also develops products for stable – virtual tokens linked to the value of state currencies, usually the dollar – and digital currencies issued by the central bank.
Visa hopes its cryptocurrency recommendations can help encourage widespread adoption of Bitcoin and other digital currencies. Like its rival Mastercard, the credit card giant sees cryptocurrency as a huge growth opportunity as it goes beyond card payments.
In recent years, large payment networks have faced increasing competition due to the influx of new financial service providers. New trends like open banking, which aims to open consumer banking information and payment options to competitive fintech, are threatening to disrupt their business model.
Visa is now under pressure from the big tech companies. Amazon announced last month that it would stop accepting Visa credit cards in the UK due to the company’s “high fees”. ECommerce Titan has taken similar steps against Visa in Australia and Singapore.
“Crypto is a huge vertical and new growth opportunity. And we will continue to focus on growing this business in the future, ”Plecas said.
A study released by Visa on Wednesday found that 94% of people now have some level of crypto literacy, with nearly a third using it as a medium of investment or exchange. The study, conducted in collaboration with marketing service provider LRW, surveyed more than 6,000 people around the world.