Visa is launching a new service providing support to merchants and banks that want to learn more about crypto-currencies. The company will work closely with the cryptocurrency community, as well as regulators and trade associations, in order to help businesses understand where they stand against government policies around this emerging technology.
Visa has announced the launch of a new crypto consulting service for merchants and banks. The company will provide merchants with guidance on how to accept cryptocurrency payments.
Visa, the world’s largest payments company, is offering new consultancy and advising services to assist its customers in navigating the world of cryptocurrency.
The company announced on Dec. 8 that its crypto advisory practice, which is part of its consulting and analytics division, will provide guidance to financial institutions, retailers, and other businesses on topics ranging from implementing crypto features to exploring nonfungible tokens to developing wallets for central bank digital currencies.
Part of banks’ interest in cryptocurrencies, according to Visa, stems from a need to stay competitive. According to Visa, “40 percent of crypto owners questioned believe they would be likely or very likely to switch their main bank to one that provides crypto-related goods in the next 12 months,” citing a recent in-house research.
UMB, an American financial services business, is a customer of Visa’s crypto consulting services, according to Reuters.
“We came to Visa to learn more about crypto and stablecoins, as well as the use cases that are most important to our retail and commercial business lines,” UMB Bank executive vice president Uma Wilson said.
Mastercard is developing its infrastructure to support the use of CBDCs.
Visa’s newest effort to get into the cryptocurrency business follows the filing of multiple blockchain-related patents by the company in the past. Visa’s research team is also working on a project called the “Universal Payment Channel,” which is a blockchain interoperability hub that connects many blockchain networks and allows digital assets to travel across different protocols and wallets.
Visa is one of the several payment processors that have recently joined the bitcoin market. Mastercard, its competitor, just released crypto-linked payment cards throughout the Asia-Pacific area, while PayPal, the online payment behemoth, unveiled a new consumer app for crypto, savings, and direct deposits earlier this year.
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The “visa launches consulting services” is a new service that Visa has created to help merchants and banks use crypto. The company will provide consulting services for both the merchants and banks, so that they can learn about the best practices in cryptocurrency.
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