Visa launches crypto advisory services

Visa allows its users to spend cryptocurrencies at more than 80 million merchants

Visa

Visa launches crypto advisory services. Source: flickr.com

Visa will pilot advisory and consulting crypto services to aid customers to navigate money movement.

The payments giant will provide financial advice to retailers, institutions and other organizations on everything that they need to know about cryptocurrencies. These include non-fungible tokens and crypto features.

For financial institutions eager to attract or retain customers with a crypto offering, retailers looking to delve into NFTs, or central banks exploring digital currencies, understanding the crypto ecosystem is a vital first step.

Visa will also launch products that are geared towards stablecoins and digital currencies that are issued by the central bank.

The payment giant aims to help the adoption of cryptocurrencies. This comes with the vast expansion of cryptocurrencies and their use as a payment method in many regions, also as seen by Mastercard.

Crypto represents a technological shift for money movement and digital ownership. As consumers change their approach to investing, where they bank, and their views on the future of money, every financial institution will need a crypto strategy
Antony Cahill, Deputy CEO, Visa, Europe

In recent years, payment networks have been marred by increased competition from new financial startups. There is also a threat of disruption of business models from new trends such as open banking.

Visa is also facing pressure from large tech firms. For instance, high Visa fees may soon see Amazon fail to accept Visa cards in the UK. This is the same case in Singapore and Australia.

As cryptocurrencies gain popularity globally, 94% of people are aware of crypto, with one-third having used it as a medium of exchange or investment.

We’ve reported that Wise rolled out account and card allowing users hold 54 foreign currencies.

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