Visa, the world’s largest payment processor, on Wednesday launched a global crypto advisory service for clients such as banks and merchants as digital currency adoption gains momentum.
Visa’s move comes against the backdrop of unprecedented investor demand for cryptocurrency services, and the company’s latest offering is aimed at financial institutions keen to attract or retain customers with an offer. crypto, retailers looking to delve into non-fungible tokens (NFTs), or central banks exploring digital currencies.
Visa’s services include educating institutions about cryptocurrencies, the ability for customers to use the payment processor network for digital offerings, and assistance in managing backend operations.
“We came to Visa to learn more about crypto and stablecoins and the most relevant use cases for our retail and business lines of business,” said Uma Wilson, Executive Vice President of ‘UMB Bank, an American regional lender.
A new global study from Visa has shown that nearly 40% of crypto owners surveyed are likely or very likely to change their primary bank to one with crypto-related products in the next 12 months.
Visa currently uses its network to enable the purchase, sale and custody of digital currency. It also offers a credit card that allows users to earn Bitcoin on purchases and also allows the use of USD Coin, a stable cryptocurrency whose value is directly linked to the US dollar, to settle transactions on its network. of payment. The price of Bitcoin in India stood at Rs. 40.68 lakh at 12:30 p.m. on December 8th.
However, for cryptocurrencies like Bitcoin to be used as a medium of exchange, price stability is needed, Visa chief financial officer Vasant Prabhu told Reuters.
“If the price has to fluctuate from $ 60,000 (around Rs 45.27 lakh.) To $ 50,000 (around Rs. 37.72 lakh.) Within a few hours, this is a very difficult thing for a trader to accept ( bitcoin) as currency, ”Prabhu mentioned.
“I don’t know if cryptocurrencies like Bitcoin will ever be a medium of exchange. Stables will be,” he said, adding that Visa would facilitate such transactions when the time is right.
© Thomson Reuters 2021
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