As the use of digital currencies accelerates, Visa, the world's largest payment processor, launched a global crypto advice service for its financial clients and merchants on Wednesday.
According to the business, the move is aimed at financial institutions wanting to recruit or keep consumers with crypto services, shops interested in non-fungible tokens (NFTs), and central banks looking at digital currencies.
Visa's services include educating institutions about cryptocurrencies, allowing clients to use Visa's network for digital offers, and assisting with backend operations.
According to a new global study conducted by Visa, nearly 40% of cryptocurrency owners asked stated they would transfer their primary bank to one that offers crypto-related goods in the next 12 months.
Visa plans to introduce digital currency buying, selling, and custody services through its banking partners this year.
There are also a handful of Visa card schemes that allow users to earn bitcoin on purchases, and the network will allow its clients to settle transactions on its payment network using USD Coin, a stablecoin cryptocurrency whose value is fixed directly to the US dollar.
However, price stability is required for cryptocurrencies like bitcoin to be used as a medium of exchange, according to Visa's chief financial officer, Vasant Prabhu.
"If the price is going to fluctuate from $60,000 to $50,000 in a few hours, it's a very difficult thing for a merchant to accept (bitcoin) as a currency," Prabhu added.
"I'm not sure if cryptocurrencies like bitcoin will ever be accepted as a form of payment. Stablecoins, on the other hand, will "He went on to say that Visa would help with such transactions when the time came.