Visa Introduces Crypto Advisory Services to Help Partners Navigate a New Era of Money Movement
12/08/2021
The case for crypto is getting stronger for financial institutions; new global research finds nearly 40% of crypto owners would be likely to switch primary banks to one that offers crypto products
For financial institutions eager to attract or retain customers with a crypto offering, retailers looking to delve into NFTs, or central banks exploring digital currencies, understanding the crypto ecosystem is a vital first step. Through their work with more than 60 crypto platforms, Visa’s global network of consultants and product experts have deep expertise to help financial institutions evaluate the crypto opportunity, develop concrete strategies, and pilot new user experiences and innovations like crypto rewards programs and CBDC-integrated consumer wallets.
“We’ve seen a material shift in our clients’ mindset in the last year, from a desire to explore and experiment with crypto, to actually building a strategy and product roadmap,” said
“We came to
VISA STUDY EXPLORES CONSUMER ATTITUDES AND ADOPTION OF CRYPTO
Client interest in building crypto solutions comes as new
“Crypto represents a technological shift for money movement and digital ownership,” said
Surveying more than 6,000 financial decision makers across eight markets (
- The crypto headlines are having an impact. Awareness of crypto is almost universal at 94% globally among survey participants with discretion over their household finances.
- A significant segment is using or investing with crypto: Nearly one in three crypto-aware adults already own or use cryptocurrency, and the majority of that group (62%) say their use has increased in the past year.
- Engagement is higher in emerging markets. 37% of the crypto-aware consumers surveyed in emerging markets use or own crypto, compared to 29% in developed markets.
- Key motivators include wealth-building and belief in crypto as the future of financial services. The biggest drivers of owning and using cryptocurrency are to take part in the “financial way of the future” (42%) and to build wealth (41%) – both forward looking motivators.
- Crypto-linked cards and crypto rewards are attractive. Among current crypto owners, 81% express interest in crypto-linked cards, which allow you to convert and spend crypto at the retailers where you shop in the same way you can use a debit or credit card. 84% are interested in crypto rewards, which allow you to earn crypto as a reward for your card spending.
- Consumers are willing to switch banks in search of crypto products. Globally, 18% of survey participants say they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months. This is particularly true for emerging markets, which jumps to 24%. Among consumers who already own cryptocurrency, nearly 40% are willing to make the switch.
To download “The Crypto Phenomenon: Consumer Attitudes & Usage” and learn more, click here.
About
About
VCA is ideally positioned to work with clients to help formulate a digital currencies strategy, capabilities assessment, business case, and go-to-market approach, including build-partner-buy considerations. Similarly, subject matter experts can assist in areas such as product development, innovation and design, and marketing strategy and execution.
Disclaimer
This press release contains forward-looking statements within the meaning of the
Case studies, comparisons, statistics, research and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice.
1 Survey Methodology
This study, conducted in partnership with LRW, a
The research reflects the views and opinions of online populations in these markets and is demographically representative based on age, gender, household income, region and ethnicity. In order to qualify for the survey, respondents had to:
- Be at least 18 years old
-
If 25 years old or older, have a household income of at least
$35,000 (or market equivalent) - Have shared or joint financial decision-making responsibility in their households
Amongst this group, participants were furthered screened on their awareness of cryptocurrency: those who indicated awareness of cryptocurrency were invited to participate in the full survey on crypto attitudes and usage. Screening rates were captured to size this group among all online adults.
Stats referring to “Crypto Owners” represent a combined figure for survey respondents who identify as “Active Owners,” defined as respondents who have used cryptocurrency to send or receive money, buy goods, or to accept payment at least once and “Passive Owners,” who are defined as respondents who have purchased cryptocurrency as an investment but have not transferred/transacted with it.
For the full survey methodology, please view the report, available here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211207006223/en/
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