New Delhi: World’s digital payments leader Visa on Wednesday announced the launch of consulting services that will help users navigate the often complex world of cryptocurrencies.
The company had been doubling down on improving its cryptocurrency verticle and has so far has tied with as many as 50 crypto platforms in 2020-21.
“Today, very few merchants accept cryptocurrency directly over blockchain networks due to the many complexities in changing their current acceptance setup – a bane that crypto customers aren’t fully aware of, but resent, nevertheless. Taking cue, Visa has partnered globally with over 50 digital currency platforms, so consumers can spend their digital currency across millions of merchants worldwide. In fact, the first half of 2021 alone saw more than US$1 billion spent on crypto-linked Visa card,” said Visa in a statement.
The consulting arm will come under its consulting and analytics division, will offer its cardholders advice to financial institutions, retailers and other firms on everything from rolling out crypto features to designing non-fungible tokens. The move is seen as a tangible attempt to capture crypto market against its rival Mastercard.
Visa has named US bank UMB as a client which is already using its crypto advisory services, and plans to expand its client list to other banks. According to Visa officials, from Oct 2020 to Sept 2021, the digital payment company has processed $3.5 billion in digital currency transactions through its crypto-linked card schemes. And with more and more people investing and trading in Cryptocurrencies, Visa is also working to release stable central bank digital currency (CBDC) to engage more of its cardholders.