Visa launches bitcoin advisory service

The arguments for crypto currencies are getting stronger and stronger for financial institutions and especially in Switzerland there are more and more exchanges and services around Bitcoin. The new digital currencies are popular, as the following results of the global study show:

Visa announced the launch of its Global Crypto Advisory advisory service this week. The service is part of Visa Consulting and Analytics (VCA) and is designed to help customers and partners grow their crypto businesses. This is happening at a time when digital currencies are becoming more and more popular. According to a study published today by Visa, the level of awareness of cryptocurrencies among respondents in Germany is 93 percent.

Understanding the crypto ecosystem is an important first step for anyone interested – be it for financial institutions that want to attract or retain customers, for traders who want to get into NFTs, or for central banks exploring digital currencies. Working with more than 60 crypto platforms, Visa has a global network of consultants and product experts with in-depth expertise to support financial institutions. They help identify options for crypto services, develop specific strategies and pilot innovations such as crypto bonus programs or CBDC-integrated wallets.

“Last year we saw that the way our customers deal with the topic has fundamentally changed – from wanting to experiment with crypto to building a strategy and a product roadmap”

sagt Claudio Di Nella, Head of Consulting & Analytics bei Visa Europe.

Visa study examines consumer attitudes towards crypto

While more and more customers are interested in the development of crypto solutions, a new study by Visa shows that the awareness and acceptance of crypto is also very high among consumers worldwide. According to the global study “The Crypto Phenomenon: Consumer Attitudes & Usage“Around a quarter of crypto-conscious consumers in Germany have already dealt directly with crypto currencies – either as an investment instrument or as a medium of exchange.

“Crypto stands for a technological change in the areas of money movement and digital ownership”

says Antony Cahill, Deputy CEO of Visa Europe.

“Consumers are changing the way they approach fixed investments and their view of the future of money. Therefore every financial institution will need a crypto strategy. “

The Visa study, in which more than 6,000 people in eight markets (Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, Great Britain and the USA) were surveyed, produced the following findings for the German market:

  • The increasing crypto headlines are having an impact. In Germany, the level of awareness of cryptocurrencies is 93 percent of those surveyed.
  • A significant proportion uses or invests in cryptocurrencies. Almost a quarter (24%) of crypto-conscious adults already own or use cryptocurrencies. Almost every: r second of them (45%) stated that they had intensified their use in the past year.
  • The main motivators include wealth accumulation and belief in cryptocurrencies as the future of financial services. The most important motivations for owning and using cryptocurrencies are their future viability (42%) and asset accumulation (41%).
  • Crypto-linked cards and crypto rewards are attractive. Among the crypto owners, 81 percent are interested in crypto-linked payment cards that can be used to convert crypto currencies and pay at retailers in the same way as with a debit or credit card. 84 percent are interested in crypto rewards, which reward card payments with rewards in crypto currencies.
  • Consumers would switch banks for crypto products. More than a third of crypto owners: (35%) say they would likely or very likely switch to a bank that offers crypto products in the next 12 months.

Survey methodology

This study, which was carried out in collaboration with LRW, a Material Company, comprised 9 focus groups and 10 in-depth interviews in the USA, Germany and Argentina from July 14th to 26th, 2021. In addition, online surveys were carried out between August 25 and September 13, 2021 with 6,430 people in Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the USA and the UK.

The study reflects the views and opinions of the online population in these markets and is demographically representative in terms of age, gender, household income, region, and ethnicity. In order to take part in the survey, the respondents had to meet the following criteria:

Minimum age: 18 years

If they are 25 years of age or older, have a household income of at least $ 35,000 (or its equivalent depending on the market)
You must bear sole or shared responsibility for financial decisions in your household.

Participants who met these criteria were further asked about their knowledge of cryptocurrencies: Those who are familiar with cryptocurrencies were invited to take part in the full survey on their attitudes and use of crypto. The screening rates were recorded to determine the size of this group among all adults. The full methodology can be found in the study report available here.

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Visa launches bitcoin advisory service