Visa announced its Crypto Consulting Services. This service is designed to assist clients and partners in their crypto journey.
A new global study, The Crypto Phenomenon, Consumer Attitudes and Usage by Visa, found that almost one-third have used crypto to invest or send money. Globally, nearly 40% of crypto owners say they would switch to a crypto-related bank as their primary bank in the next 12 month.
“We have long considered crypto to be a technology that has staying power both for money movement as well as as a focal point of a global community for developers, investors, and fintechs,” Aldo Laubscher (South Africa Country Manager at Visa).
Cryptocurrency is attracting the attention of people all over the globe as they consider how and where to invest their money, what the future looks like, and what they should do with it. Financial institutions have the opportunity to respond to crypto demand as crypto is more widely accepted and understood.
Visa’s product and consulting experts help financial institutions to assess and meet the growing interest in cryptocurrency, create concrete strategies and test new user experiences, such as crypto-backed rewards programs or CBDC-integrated consumer accounts.
The Visa study, which surveyed more than 6000 financial decision-makers in eight markets (Argentina (Australia, Brazil), Germany, Hong Kong (SAR), South Africa and the U.S.), revealed the following insights.
- Crypto headlines are making an impact. Almost all survey participants have some control over their household finances.
- Nearly three out of every three adults who are crypto-aware own or use cryptocurrency. The majority (62%) of those in that group say their use has increased over the past year.
- Engagment is higher in emerging market with 37 percent of crypto-aware customers in emerging markets using or owning crypto, compared to 29% for developed markets.
- To participate in the “financial path of the future” (42%), and to create wealth (41%), the two biggest motivators for owning and using cryptocurrency.
- Crypto rewards and cards are appealing. 81% of current crypto owners express interest in these cards. They allow you to convert and use crypto at the stores where you shop the same as a debit or credit cards.
- Crypto products are available for consumers who want to change banks. Nearly 40% of consumers who have cryptocurrency are open to making the switch.
- South Africa is the most engaged with the highest number of Active Owners (28%), Passive Owners (16%) and Crypto Curious (26%), Skeptics (7%), and Unengaged (23%).
- South Africa is very comparable to the rest of world in terms of awareness and active use of cryptocurrency.
Laubscher stated that there has been a shift in clients’ mindsets over the past year. They no longer want to experiment with crypto but are now looking to build a product roadmap. We believe every financial institution, whether it is a large multinational credit union or a regional credit union, should be considering crypto and following its development.