According to the Reuters report, Visa, the world’s largest payment processor, launched a global crypto advisory service for clients such as banks and merchants on Wednesday. The payment giant made this decision on the backdrop of unprecedented investor demand for crypto services. Visa’s latest offering is aimed towards financial institutions eager to attract or retain customers with a crypto offering, retailers looking to delve into NFTs, or central banks exploring digital currencies.
Visa will allow clients to use the payment processor’s network for digital offerings.
The payment processor giant’s services will include educating institutions about cryptocurrencies, allowing clients to use the payment processor’s network for digital offerings, and helping manage backend operations. “We came to Visa to learn more about crypto and stablecoins and the use cases that are most relevant for our retail and commercial business lines,” said Uma Wilson, executive vice president at UMB Bank, a regional U.S. lender. A new global study by Visa showed that nearly 40% of crypto owners surveyed would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.
Visa currently uses its network to allow buying, selling, and custody of crypto.
As reported earlier, Visa currently uses its network to allow buying, selling, and custody of cryptocurrencies. It also offers a credit card that lets users earn bitcoin on purchases and also allows the use of USD Coin, a stablecoin cryptocurrency whose value is pegged directly to the U.S. dollar, to settle transactions on its payment network. Visa’s Chief Financial Officer Vasant Prabhu said, “However, for cryptocurrencies such as bitcoin to be used as a medium of exchange, price stability is needed.”