Visa launches crypto advisory service for financial institutions and merchants.
The world’s number one digital payments processor Visa Inc. has launched a world-scale advisory service on cryptocurrency. This new service is mainly given to financial institutions and merchants. The biggest reason for its implementation is the acceleration in the adoption of virtual currencies.
Visa Inc. is the most prominent digital payments processor in the world today. Through their reliable and innovative payment network, individuals and businesses can connect and perform financial actions worldwide. According to their statement, their processing network named VisaNet can handle over 65,000 messages in a second. In addition, the company successfully adapts the brand, network, and products to the rapid transformation of commerce towards virtual.
Although the primary target of the new service is financial institutions, Visa aims to attract a variety of customer profiles using crypto offerings. Both collectors who are interested in non-fungible tokens (NFTs) and large-scale banks entering the world of cryptocurrencies are targeted with the service. The scope of Visa’s new service is quite broad: They intend to facilitate backend actions, inform institutions on cryptocurrencies, and enable clients to use the network for their virtual financial activities.
Visa recently released the output of new global research that they conducted. This report demonstrates that almost 40% of crypto-asset holders are prone to change their bank to one that offers crypto-related services and products. The research also showed that 94% of the decision-makers in finance are aware of the fact that more and more people prefer cryptocurrencies.
The global payment processor is a business leader in cryptocurrency-related research as well. The Global Head of Consulting and Analytics department, Carl Rutstein, relevantly states that they have 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.”
Visa claims to increase crypto’s potential through its pioneering latest move. On the website, the leading payments processor claims: “For crypto to realize its full potential, we are connecting crypto and blockchain networks to our trusted, global payment network. And we’re propelling innovation to deliver even more access and value to the crypto ecosystem”.
In addition to the new global advisory service, one may also enjoy several programs by which earning bitcoins in purchases are made possible. Furthermore, the network allows customers to use USD Coin, directly pegged to the fiat money of USD, so that transactions get easier.
In the case of other cryptocurrencies, however, price stability is required to use them as a medium of transactions and conversion. Vasant Prabhu, the chief financial officer of Visa, recently told Reuters that “if the price is going to fluctuate from $60,000 to $50,000 in a few hours, it’s a very difficult thing for a merchant to accept (bitcoin) as a currency”.
While Prabhu remained skeptical about the possibility for crypto-assets like bitcoin to be a medium of exchange anytime soon, he also added that Visa would make things much easier when the time arrived.