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Visa launches crypto services for banks, retailers

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Credits: TechCentral

Global payment system, Visa has announced it will launch an advisory service to assist financial institutions and merchants traverse the cryptocurrency space.

Visa disclosed this on Wednesday.

The consultancy and advisory service is an offering under ‘Visa Consulting & Analytics (VCA)’, with American bank UMB as the first client.

“We’ve seen a material shift in our clients’ mindset in the last year, from a desire to explore and experiment with crypto to actually building a strategy and product roadmap,” Carl Rutstein, Global Head, Visa Consulting & Analytics, told BusinessWire.

Since the beginning of the year, Visa has employed strategic efforts to expand into cryptocurrency as a go-to platform for crypto to fiat conversion, having partnered with exchange platforms like Coinbase and FTX for card programmes.

The consultancy came after a global study that revealed that nearly 40 per cent of crypto owners will very likely switch their primary bank to one that offers crypto-related products in the next 12 months.

Visa stated that it set out to assist financial institutions, retailers, and central banks in rolling out cryptocurrency offerings, including NFT projects and Central Bank Digital Currency (CBDC).

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