Visa launches crypto currency consulting services for adoptions of Digital Currency


On Wednesday multinational payments
giant Visa declared about launching new consulting and crypto advisory practice
to help users understand on various segments of the crypto industry.
According to the financial services
provider housed within its consulting and analytics division will the crypto
advisory practice housed in. It focuses to provide advisory services with
regard to non-fungible tokens (NFTs) to financial institutions, retailers, and
central banks exploring digital currencies including assisting clients with the management of backend operations. This service will include everything from
rolling out crypto features to exploring non-fungible tokens.
In an announcement, the payment
network acknowledged that "digital currencies are taking greater hold in
the popular consciousness," which creates the need for trustable advisory
services that can help those eager to adopt crypto first understand the
ecosystem.
Visa named American financial
services company UMB as a client using its crypto advisory services. Executive
vice president of UMB Bank, Uma Wilson, said “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,”.
According to a recent in-house study,
Visa said that “40% of crypto owners surveyed report they would be likely or
very likely to switch their primary bank to one that offers crypto-related
products in the next 12 months.”As per a recent study by Visa, investor demand
for crypto is overwhelming and global crypto adoption is at record levels the
move comes at that time.
Other of Visa’s rival payments
processors towards the crypto industry.
Recently, Visa's top competitor
Mastercard revealed it aims to introduce crypto-linked payment cards throughout
Asia Pacific. Crypto platform Bakkt had a partnership with Mastercard in late
October, to enable its vast network of banks and merchants integrate digital assets
into their operations. Earlier this year, new consumer app for crypto, savings
and direct deposits was introduced by online payments giants PayPal.

Indrani bose
CBW - External Analyst
INDIA