Visa: 40% of cryptocurrency holders may switch their primary bank to one that offers crypto services

According to a recent internal survey by the leading payment processor Visa, 40% of cryptocurrency owners indicated that they are likely or very likely to switch their primary bank to one that offers cryptocurrency-related products in the next 12 months. As a result, Visa is launching a new consultation service to help its customers better understand the world of cryptocurrency.

According to the leading payment processor Visa, recent internal survey data shows that 40% of cryptocurrency owners indicated they are likely or very likely to switch their primary banks to institutions that offer crypto-related products within the next 12 months. Consequently, Visa is launching new advisory services to help its clients gain a better understanding of the cryptocurrency world.

Visa stated that its crypto advisory business will offer various services to financial institutions, retailers, and other companies, ranging from crypto functionalities to central bank digital currencies and wallet development. According to Visa, many banks have realized that offering crypto-related services can help them stay competitive within the industry. UMB Bank in the United States is already a client of Visa's crypto advisory services.

Uma Wilson, Executive Vice President at UMB Bank, stated: "We came to Visa to learn more about cryptocurrencies, stablecoins, and experiences and use cases related to our retail and commercial businesses."

Visa has previously filed multiple patents related to blockchain and has been actively venturing into cryptocurrency payments in recent years. Its competitor Mastercard recently launched crypto-related payment cards across the Asia-Pacific region, while leading online payment processor PayPal introduced an app earlier this year for crypto, savings, and direct deposit.

This article is authorized and reproduced from Horizon News Network