Visa Global has announced that as part of its consulting and analytics services (VCA), it will begin advising its clients and partners in the crypto field. This advice will help Visa customers and partners pave their way in the world of digital currencies. This move comes at a time when digital currencies are gaining popularity in the public consciousness – according to a new study by Visa published today, awareness of crypto among decision makers in the world of finance is universal: 94%.
Understanding the crypto system is a first and necessary step for digital institutions looking to attract or retain customers with crypto offerings, for retailers looking to deepen their understanding of the NFT world or for central banks researching digital currencies. While working with over 60 crypto interfaces, Visa’s network of consultants and product experts have accumulated deep expertise in the subject, which can help financial institutions assess crypto opportunities, design concrete strategies in the field and lead new user experiences, such as crypto rewards program and digital wallets.
“We have seen a fundamental shift in our customer perception over the past year, from aspiring to explore and experience crypto, to building a real strategy and producing a roadmap for its implementation,” says Carl Rothstein, head of Visa’s consulting and analytics department. Visa is in collaboration with the financial corporation UMB ”.
“We used Visa to learn in depth about cryptocurrencies and digital currencies (stablecoin) and their relevance for our retail and commercial customers in the coming years,” says X at UMB Bank. “Visa’s Analytics and Consulting Department has helped us build a coherent and workable strategy – from product development and partner selection, to considerations such as choosing the right technology, analyzing financial implications, risk management and compliance with regulatory provisions.”.
Consumer research
The growing interest in the field of crypto is reflected in a new study by Visa, which indicates a high awareness and practical adoption of crypto products among consumers all over the world. In its new study: “The Crypto Phenomenon: Consumer Approaches and Uses,” Visa found that nearly a third of respondents had a direct involvement with crypto – whether as an investment tool or as a conversion platform. Worldwide, about 40% of crypto owners have responded that in the coming year, most likely or very highly, they will replace their bank with one that offers crypto-friendly products.
“Crypto represents a technological change for the movement of money and ownership of these funds,” says Terry Angelos, head of the fintech department at Visa. .
In a sample of over 6,000 financial decision makers across eight markets (Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the UK and the United States), Visa’s study reveals the following insights:
- The news headlines about crypto have an impact – awareness of crypto is almost universal, and stands at 94% among survey participants who have an impact on the financial management of their household.
- A significant proportion of respondents use or invest in crypto – about a third of those surveyed who are aware of the world of crypto use or already own digital currencies, and most (62%) responded that their use has increased over the past year.
- Higher involvement in emerging markets – 37% of consumers who are aware of crypto in emerging markets use or own crypto, compared to 29% in developed markets.
- The main motivations for interest in the field include building wealth and belief in crypto as the future of financial services – the most significant motives in holding and using cryptocurrencies are participation in the “financial way of the future” (42%) and wealth building (41%) – both forward-looking motivations.
- Crypto cards and crypto rewards are attractive – among crypto holders, 81% have expressed interest in crypto cards, which allow digital coins to be exchanged and issued by retailers in the same way as current credit or debit cards. In addition, 84% are interested in crypto rewards, which allow them to earn / accumulate crypto on the card they use.
- Consumers are willing to switch banks in their search for crypto products – all over the world, 18% of respondents answered, with a high or very high probability, that in the coming year they will replace their main bank with one that provides built-in crypto services. The figure rises in emerging markets and stands at 24%. Among consumers who already own cryptocurrencies, close to 40% responded that they are willing to make such a change.