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Visa Launches crypto consulting services

Visa continues to expand its operations. The payments giant launched its crypto consulting services to help its clients navigate the world of cryptocurrencies. It’s crypto advisory practice, housed within its consulting and analytics division, will offer advice to various companies. Visa is ready to help financial institutions and others deal with multiple issues.

It named American bank UMB as a client that is already using its crypto advisory services.

Visa’s decision marks its latest attempt to push deeper into the crypto industry. In one year, from October 1, 2020, to September 30, 2021, Visa processed $3.5 billion in digital currency transactions through its crypto-linked card schemes.

Visa is also working on other products. The company is also developing products geared towards stablecoins and central bank-issued digital currencies.

The payments giant hopes its crypto consultancy can help further mainstream adoption of bitcoin and other cryptocurrencies. Visa and its rival Mastercard see cryptocurrencies as a critical growth opportunity as both of them expand their operations beyond card payments.

Visa has to compete with numerous companies. It is also under pressure from large tech companies. Last month, Amazon said it would stop accepting Visa credit cards in the U.K due to Visa’s “high fees.” The e-commerce giant also took similar steps against Visa in Australia as well as in Singapore.

It is not surprising that Visa is willing to embrace cryptocurrencies. A study released by the company said 94% of people now have some level of awareness of crypto. Many respondents used it as an investment or medium of exchange. More than 6,000 people took part in the survey. Visa conducted this survey in cooperation with marketing services firm LRW.

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