In Brief:
- Visa’s crypto advisory team will assist its clients to advance their crypto journey.
- The team will provide advice on crypto strategy and execution, assist banks in forming dedicated crypto teams.
- Experts will help with innovations such as cryptocurrency incentive programs and CBDC-integrated user wallets.
Digital Payments company Visa announced the launch of a global crypto advisory unit designed to help clients and partners advance their crypto business.
According to the press release, Visa’s global network of advisors and product experts have substantial knowledge in helping financial institutions analyze crypto possibilities, thanks to their partnership with more than 60 crypto platforms.
Understanding the crypto industry is a critical first step for financial institutions wanting to engage or retain users with a crypto product, retailers interested in NFTs, and central banks diving into digital currencies.
Visa’s crypto advisory team will collaborate with the financial institutions’ consulting and analytics groups to provide advice on crypto strategy and execution, as well as assist banks in forming dedicated crypto teams.
The consulting services will also assist in the development of concrete initiatives, pilot new customer experiences.
Experts will also help with innovations such as cryptocurrency incentive programs and CBDC-integrated user wallets.
Claudio Di Nella, Head of Visa Consulting & Analytics, added “We’ve seen a material shift in our clients’ mindset in the last year, from a desire to explore and experiment with crypto, to actually building a strategy and product roadmap.”
According to recent research conducted by Visa, 18 percent of global respondents said they would be likely or very likely to transfer primary banks to one that offers crypto-related goods in the coming year. In emerging markets, the number increased to 24%.
The study titled “The Crypto Phenomenon: Consumer Attitudes & Usage also revealed almost a third of respondents have used cryptocurrency in some way, whether as an investment vehicle or as a mode of exchange.
Visa revealed that U.S. bank UMB is a customer that’s already using its crypto advisory services.
Executive vice president at UMB Bank, Uma Wilson, stated, “We came to Visa to learn more about crypto and stablecoins and the use cases that are most relevant for our retail and commercial business lines.”
As it expands beyond card payments, Visa sees cryptocurrencies as a crucial growth prospect. In October, Visa announced the development of a universal payment channel (UPC) that will help to connect different blockchains for various digital currencies and CBDCs. The UPC will act as a medium for transferring Stablecoins between countries.
