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Visa launches crypto consulting service

The Visa logo displayed on smartphones with the Bitcoin logo in the background.

Rafael Enrique | SOPA Images | LightRocket | Getty Images

visa We are launching new consulting and advisory services to help our clients navigate the world of cryptocurrencies.

Payment processors said Wednesday that crypto advisory practices within the consulting and analytics department would advise financial institutions, retailers, and other companies on everything from cryptographic deployment to exploration. Non-substitutable token..

Visa has nominated the US bank UMB as a client who is already using the crypto advisory service.

This move represents the latest visa attempt to push deep into the crypto industry. From October 1, 2020 to September 30, 2021, the company processed $ 3.5 billion in cryptocurrency transactions through a cryptocurrency-linked card scheme, according to Visa’s European cryptocurrency leader Nikola Plecas. ..

“Some of these major exchanges have millions, and in some cases tens of millions, of users,” Plecas told CNBC, which allowed users to use crypto for more than 80 million merchants. I added that I am doing it.

The company is also developing products for Stablecoin. This is usually a virtual token associated with the value of a sovereign currency. Dollar — And digital currencies issued by central banks.

Visa hopes its crypto consultants will help in further mainstream recruitment. Bitcoin And other digital currencies.Like a rival master Card, Credit card giants see cryptocurrencies as a major growth opportunity as they expand beyond card payments.

Major payment networks have faced intensifying competition in recent years with the influx of new financial start-ups. New trends such as open banking aimed at opening consumer bank information and payment capabilities to rival FinTech can disrupt business models.

Meanwhile, Visa is also under pressure from major technology companies.Amazon said it would do last month Stop accepting Visa credit cards in the UK Because of the company’s “high charges”. E-commerce giants are taking similar steps for visas in Australia and Singapore.

“Cryptography is a great opportunity for us to grow vertically and grow, and we will continue to focus on the growth of this business,” said Precus.

According to a survey released by Visa on Wednesday, 94% of people have some awareness of cryptography, and nearly one-third use it as an investment or medium of exchange. A study conducted in collaboration with marketing service company LRW surveyed more than 6,000 people worldwide.

Visa launches crypto consulting service

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