The hype over cryptocurrecny at global stage is taking over the market. Seeing this the world's largest payment processor, Visa Inc, launched a global crypto advice service for clients such as banks and merchants as the usage of digital currencies accelerates. The company's reason behind the launch of the service is unprecedented investor demand for crypto services.
The latest offering is aimed at financial institutions looking to attract or retain customers with a crypto offering, retailers interested in non-fungible tokens (NFTs), and central banks investigating digital currencies. However , the laucnh or any news about the in India is tentaive as teh Governme nt of India is planning to introduce a bill in parliament that will impact the growth of Cryptocurreny in the country.
According to Visa Inc, the Crypto advisery service is designed to help clients navigate the world of cryptocurrencies. With the launcg of the service the company also hopes it can help further mainstream adoptaion of bitcoins and other digital currencies. Mastercard, its competitor at the global stage also hopes to strenthen its positing in the cryptocurrecny market and see opportunities to expand its arm beyond card payment service.
How it will work?
It is yet to be known how the comapany will offer the service to its clients. However, the company said during the launch that the company's crypto advisory team will collaborate with the company's consulting and analytics groups to provide advice on crypto strategy and execution, as well as assist banks in forming dedicated crypto teams.
Accoding to a survey condicted by the company itself in countries like Argentina, Australia, Brazil, Germany, South Africa, The United Kingdom, and the United States of America, the company found following facts around teh Crypto that encouraged them to launch the Crypto Advisory Service in the global market.
The Survey And The Growth Factor
1. Crypto awareness is practically universal, with 94% of poll participants with discretion over their home money knowing about it.
2. In emerging nations, 37% of crypto-aware consumers use or own cryptocurrency, compared to 29% in established markets.
3. The two most important motivations for holding and using cryptocurrencies are to participate in the "financial method of the future" (42 percent) and to build wealth (41 percent).
4. Nearly one-third of crypto-aware adults owns or uses bitcoin, and the majority (62 percent) think their usage has increased in the last year.
5. Crypto-linked cards, which allow you to convert and spend crypto at merchants where you purchase in the same manner you may use a debit or credit card, have 81% interest among current crypto owners.
6. 84 % of people are interested in crypto incentives, which allow you to earn cryptocurrency as a reward for using your credit card.
7. In the next 12 months, 18% of survey respondents said they will likely or very likely transfer their primary bank to one that offers crypto-related goods. This is especially true for emerging markets, where the percentage climbs to 24%.
8. Nearly 40% of people who already possess cryptocurrencies are willing to make the switch.