Cryptocurrencies have begun to skyrocket in popularity across the country. Now that it's becoming a form of payment for some people, Visa is taking advantage of the popularity by offering new consulting and advisory services.
These new services will help customers and clients navigate the brave new world of cryptocurrencies. Visa is offering these services to other banks, retailers, and firms who are looking to introduce new crypto features to their clients.
Among the clients, Visa is offering its new services is American bank UMB. These new services are Visa's latest attempts to get deeper into the ever-growing cryptocurrency industry. Visa recently did a survey across eight countries including Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, United Kingdom, and the United States. Out of more than the 6,000 participants, the company found that 62% saw their cryptocurrency use increase over the past year.
This all comes as Visa is dealing with increased pressure from tech giants like Amazon. Amazon has previously announced it was no longer accepting Visa credit cards in the U.K., because of Visa's high fees. Amazon took similar steps against Visa in Australia and Singapore.
Major companies like Visa have faced increased competition from a cryptocurrency boom. The services provided by Visa will help analyze the crypto opportunity, develop strategies and innovations. While Visa looks to grow its services within the digital currency industry, Mastercard giant also sees cryptocurrencies as the next big thing, that will bring the credit card company major growth outside of standard payments. Cryptocurrencies are a serious shift from the standard currency Visa has been dealing with forever. Visa is hoping this growing industry will help them grow.