The payment processor says crypto is not just a technological upgrade or a digital asset – it is a global cultural phenomenon with which it wants to be closely associated.
the main points
- Visa has announced its global cryptocurrency advisory service for its banking clients and merchant accounts. The service will provide educational offerings, coding processing, backend support, and more.
- Since the launch of Visa, the top cryptocurrencies used for retail payments have fallen in double digits including Bitcoin, Ethereum, Litecoin and Dogecoin.
- Regardless, Visa says it’s committed to crypto, citing survey data that found nearly a third of respondents have used crypto and 94% know anything about crypto.
Earlier this month, the world’s leading payment processor, Visa, launched its cryptocurrency advisory service, targeting its merchant and bank customers. Visa’s offerings include a range of services such as crypto education for institutional customers, enabling merchants to accept crypto payments, back-end support, and more.
The company has since stated that it is committed to its crypto advisory service, despite the exponential decline in the most widely used cryptocurrency and token in retail. Since the launch of Visa, associated rather than causal losses have hit Bitcoin (-10%), Ethereum (-20%), Litecoin (-30%), and Dogecoin (-22%).
Why Visa Launched Its Cryptocurrency Advisory Services
According to the company’s announcement, the move to electronic money advisory services is prompted by its research that 94% of financial decision makers in banks are familiar with cryptocurrency, and 40% of cryptocurrency owners are willing to switch to a bank with digital currency offerings.
Visa states that it targets banking institutions keen to attract or retain consumers with crypto services, retailers interested in exploring non-fungible tokens (NFTs), and government central banks considering issuing their own digital currencies. Visa is now rolling out the service, which will enable its banking partners to buy, sell and store digital currencies wherever legal.
Visa wants to connect crypto to banks, merchants and consumers
Despite the recent downturn across the industry, Visa’s head of crypto, Coy Sheffield, told a New Delhi media outlet last week that they would continue to support the crypto ecosystem. Specifically, he said that Visa will make it easier for consumers to buy or exchange cryptocurrency using Visa cards; Added new infrastructure and encryption capabilities; carry out an original search; and supporting the emerging NFT economy.
“We have partnered with more than 60 leading crypto platforms, such as FTX, BlockFi, Crypto.com, Coinbase and Binance, to launch card programs that make it easier for consumers to convert and spend digital currencies at 80 million merchant locations worldwide,” Sheffield said at the interview. “At the end of the day, we want to be a bridge that connects the crypto ecosystem to our global network of 80 million commercial websites and more than 15,000 financial institutions.”
Ultimately, Sheffield acknowledged that Visa “needs” to be heavily involved in cryptography because crypto is not just a digital asset class or a technical innovation. When you think of its connections to gaming, NFT, decentralized finance, tokens, metaverses, and more – crypto is nothing short of a growing cultural phenomenon.
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