Stock Groups

Visa launches crypto consulting services

A smartphone showing the Visa logo with a background of a Bitcoin logo.

Rafael Henrique | SOPA Images | LightRocket | Getty Images

VisaIt is now offering new advisory and consulting services that will help clients navigate the crypto-world.

According to the payments processor, Wednesday’s crypto advisory service, which is housed in its consulting and analysis division, will provide advice to retailers, financial institutions and other businesses on anything from rolling out cryptocurrency features to exploring. non-fungible tokens.

Visa has named UMB, an American bank as a client who’s using its crypto advisory service.

This is Visa’s latest effort to expand its presence in the cryptocurrency industry. Nikola Plecas from Visa Europe’s crypto lead, said that the company had processed $3.5 Billion in digital currency transactions over its crypto-linked credit card schemes between October 1, 2020 and September 30, 2021.

Plecas stated that some of the top exchanges are able to handle millions, or even tens, of millions, of crypto transactions. Plecas also said that CNBC allows customers to use their crypto at more than 80 million merchants.

The company is also developing products geared toward stablecoins — virtual tokens tied to the value of sovereign currencies, typically the dollar — and central bank-issued digital currencies.

Visa believes its cryptocurrency consultancy will help to increase mainstream acceptance bitcoinOther digital currencies. Like rival MastercardThe credit card company giant, Credit Card Group sees cryptocurrency as an opportunity for growth as it expands beyond card payment.

In recent years, major payment networks have been subject to increased competition from a slew of financial startups. New trends like open banking that seeks to provide consumer bank data and payment capability to competitors fintechs threaten their business models.

Visa continues to be under attack by large tech firms. Amazon stated last month that it would stop accepting Visa credit cards in the U.K.Due to its “high fees”. Similar actions were taken against Visa Australia in Singapore and Australia by this e-commerce giant.

We see Cryptoto as a new and exciting growth area. Plecas stated that they will continue to work on expanding the business.

Visa released Wednesday a study that found 94% of respondents are aware of cryptocurrency. Nearly one-third of those surveyed have also used crypto as a means of trading or investment. The research was done in collaboration with LRW, a marketing service firm. It surveyed more than 6,000 respondents worldwide.

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.