Visa is launching new crypto consulting services which will work towards pushing for mainstream adoption of cryptocurrencies. The new consulting and advisory services from Visa will help its users to navigate the world of cryptocurrencies. It will offer advice to financial institutions, retailers relating to cryptocurrency. Visa on December 8 announced that American Bank UMB is already using Visa’s crypto advisory services.
Starting from October 1st, 2020 to September 30, 2021, Visa processes almost $3.5 billion in digital currency transactions through its various crypto-linked card schemes. The latest move by the company only proves that Visa is interested in pushing more deeply into the crypto industry. Furthermore, the company is also developing products that are geared towards stablecoins and central bank-issued digital currencies. One of the reasons behind opening this new service, as Visa mentioned, is that the company is hoping that its crypto consultancy can help mainstream the adoption of bitcoin and other digital currencies. Visa thinks that the cryptocurrency market provides one of the key growth opportunities. Not only that, of late, various major payment networks are facing major competition because of the rise of new financial upstarts.
Not only the increase of financial upstarts but, for Visa, also the pressure emanating from Amazon has put Visa in a tight spot. According to Amazon, the platform would stop accepting Visa credit cards in the UK due to the company’s high fees. Similar steps have been taken by Amazon in Australia and Singapore as well. According to Nikola Plecas, Visa’s European crypto head, “Crypto for us is a huge new vertical and growth opportunity. And we will be continuing to focus on growing this business moving forward.” A study result revealed by Visa on December 8 states that 94% of people now have awareness of crypto, indicating that the new move taken by them is likely to be a success.