Visa to Help Banks and Businesses Embrace Crypto
Cryptocurrencies are “part of the popular consciousness and poised for additional growth” — especially in emerging markets, according to a new report from Visa.
“Crypto is moving from a niche asset class for a small community of investors to a broader market increasingly accessible for mainstream and new adopters.”
Those who own digital assets are typically motivated by their desire to build wealth, while those completing transactions with cryptocurrencies like being able to sidestep punishing conversion fees and make payments at any time.
“While most crypto-aware consumers view cryptocurrency as a wealth-building asset, many believe that within the next five years it will have permeated most types of transactions (everyday purchases of goods or services, transfers to friends and family domestically and internationally) and that within 10 years it will be used by most consumers. We are just seeing the very cusp of consumers experimenting with transacting with cryptocurrency.”
Taking Action
The new figures came as Visa announced that it is launching a global crypto advisory service as banks and merchants explore how to adopt digital currencies.
The credit card giant is hoping to help businesses that are seeking to attract new customers — or retain their existing clients.
The new service could also benefit central banks as they weigh up whether to push ahead with launching their own digital currencies. A number of institutions, including the Federal Reserve, are yet to definitively decide whether to proceed. Visa’s deputy CEO for Europe, Antony Cahill, said:
“Crypto represents a technological shift for money movement and digital ownership. As consumers change their approach to investing, where they bank, and their views on the future of money, every financial institution will need a crypto strategy.”
The company says it has seen a “material shift” in the mindset of its clients over the past year — “from a desire to explore and experiment with crypto to actually building a strategy and product roadmap.”
Source:coinmarketcap.com