Visa Cryptocurrency Partners

1 in 3 Aussie Crypto owners likely to switch banks to one that offers Crypto products, Visa study reveals

1 in 3 Aussie Crypto owners likely to switch banks to one that offers Crypto products, Visa study reveals
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SydneyAnd December 9, 2021 /PRNewswire/ — Visa, the global leader in digital payments, today unveiled new research showing that the state of crypto is getting stronger for financial institutions, with one in three (33%)[1] Australian crypto owners say they are likely or very likely to change their primary bank to one that offers crypto products in the next 12 months.

Visa’s global study, “The Crypto Phenomenon: Consumer Attitude & Usage,” finds digital currencies occupy a greater place in the public consciousness — awareness of cryptocurrencies among financial decision makers in the world. Australia It is close to being global at 93%.

The research also shows a growing adoption of cryptocurrencies, with more than a quarter (27%) of Australian respondents aware of cryptocurrencies directly engaging with crypto either as an investment tool or as a medium of exchange.

Anthony Jones, Head of Innovation and Partnerships, Visa AustraliaAnd New Zealand South Pacific said: “Digital currencies and crypto assets signal a technological shift not only for the movement of money but also for digital ownership, with continued growth in this space. As consumer investment in the new asset class gains momentum and Australians begin to develop how they think about the future of money, Every financial institution will require a cryptocurrency strategy.”

A survey of more than 790 financial decision-makers across AustraliaThe visa study revealed the following additional insights:

  • A large segment is using or investing in cryptocurrency. Of every four (27%) crypto-aware adults who already own or use cryptocurrency (“cryptocurrency owners”), more than half of that group (59%) say their use has increased in the past year. The remaining three quarters (73%) of crypto-aware Australians do not currently own cryptocurrency but 26% of that group have taken steps to learn more.

  • Cryptocurrency owners are excited about the new use cases. 36% of cryptocurrency owners say they are very likely to use digital currencies to pay friends or family in the next 12 months, and 33% are very likely to purchase crypto-goods such as non-fungible tokens (NFTs).

  • Key drivers include building wealth and believing in cryptocurrencies as the future of financial services. Among cryptocurrency owners, the biggest drivers of owning and using cryptocurrency are building wealth (40%), being involved in the “financial way of the future” (34%) and not wanting to miss a potential upside opportunity (28%).

  • Crypto reward cards and crypto-related payments are attractive. Among the owners of cryptocurrency in Australia, 74% express interest in crypto-linked cards, which allow you to spend cryptocurrency at retailers where you shop the same way you would with a debit or credit card. Similarly, 73% are interested in crypto rewards, which allow you to earn cryptocurrency as a reward for spending your card.

  • Consumers want to switch banks in search of cryptocurrency products. While Primarily cryptocurrency owners are willing to move banks in search of crypto products, and the research also shows that the vast majority of cryptocurrency owners (82%) are also interested in buying cryptocurrency from their own banks.

Visa Launches Cryptocurrency Advisory Services

In response to clients’ growing interest in building crypto solutions, Visa is also announcing the launch of Visa Global Crypto Advisory, an offering within Visa Consulting and Analytics (VCA) designed to help clients and partners advance their crypto journey.

For financial institutions eager to attract or retain customers with crypto offerings, retailers looking to delve into NFTs, or central banks exploring cryptocurrencies, understanding the cryptocurrency ecosystem is a vital first step. Working with more than 60 crypto platforms, Visa’s global network of consultants and product experts has deep expertise to help financial institutions assess the crypto opportunity, develop concrete strategies, and pilot new user experiences and innovations such as crypto rewards programs and integrated consumer CBDC wallets.

“Over the past year, there has been a noticeable shift in mindset across the payments ecosystem, as companies have moved from being curious about cryptocurrencies to building a strategy and product roadmap,” Jones continued. “We are passionate about helping our customers and partners globally and here at Australia, move into this new era of money movement.”

To download “The Cryptography Phenomenon: Consumer Behavior and Use” and learn more, click here.

About Visa Inc.

Visa Inc (NYSE: V) is the global leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling people, businesses, and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages per second. The company’s relentless focus on innovation is the catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world transitions from analog to digital, Visa is applying our brand, our products, our people, our network and our scale to reshape the future of commerce. For more information, visit About Visa and and Tweet embed.

About Visa Consulting & Analytics

Visa Consulting & Analytics (VCA) is the payment consulting arm of Visa. This group is a global, customer-facing team of more than 700 payment consultants, data scientists and economists in more than 75 cities. The combination of our deep payments expertise, our breadth of data, and our economic intelligence allows us to identify actionable insights, recommendations and solutions that lead to better business decisions and measurable outcomes for customers.

VCA is ideally placed to work with clients to help formulate cryptocurrency strategy, assess capabilities, business case, and approach to go-to-market, including partner building and acquisition considerations. Likewise, subject matter experts can assist in areas such as product development, innovation, design, marketing strategy, and implementation.


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[1] Survey Methodology

This study, conducted in partnership with LRW, a materials company, included 9 focus groups and 10 in-depth interviews in total. United StateAnd Germany, And Argentina From July 14 – July 26, 2021, collected 6,430 responses to the online survey ArgentinaAnd AustraliaAnd BrazilAnd GermanyAnd Hong KongAnd South AfricaThe United States and the United Kingdom Between August 25 and September 13, 2021. in a Australia797 participants were surveyed.

The research reflects the views and opinions of online residents in these markets and is demographically representative based on age, gender, household income, region, and ethnicity. In order to qualify for the survey, respondents had to:

  • You must be at least 18 years old

  • If he is 25 years or older, the family income is at least $35,000 (or equivalent in the market)

  • They have a joint or shared responsibility for financial decision-making in their family

Among this group, participants were screened further based on their awareness of cryptocurrency: those who indicated their awareness of cryptocurrency were invited to participate in the full survey on crypto attitudes and uses. Screening rates were recorded for the size of this group among all adults online.

Statistics referring to “cryptocurrency owners” is an aggregate number of survey respondents who identify as “active owners,” defined as respondents who have used cryptocurrency to send or receive money, purchase goods or accept payment at least once, and “passive owners” , who were defined as respondents who purchased cryptocurrency as an investment but did not convert/deal with it.

For the full survey methodology, please see the report available here.

SOURCE Visa Inc.

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