Visa will explain to banks and merchants about Cryptocurrency, started advisory service

Amidst the growing popularity of digital currency, Visa, the world’s largest payment processor, on Wednesday launched a global crypto advisory service for banks and merchants. Under this service, Visa will educate its clients i.e. institutions about cryptocurrencies. Clients will be able to use Visa’s payment processor network to provide offers related to digital currency. Not only this, Visa will also help in managing the backend operations.

Visa has named US bank UMB as a client, which is already using its crypto advisory service.

Uma Wilson, Executive Vice President of UMB, has said that we have joined Visa’s service to learn more about the use of crypto and stablecoins. This is most relevant to our retail and commercial business.

A global study conducted by Visa has shown that around 40 percent of crypto owners may leave their primary bank in the next 12 months to move in with them, which will offer them crypto related products.

Currently, Visa uses its network to allow buying, selling and custody of digital currency. It also offers a credit card that earns users bitcoin when they make purchases. It also allows the use of USD coins. bitcoin price in india 40.68 lakh till 12:30 pm on December 8.

Visa’s chief finance officer Vasant Prabhu told Reuters that cryptocurrencies like bitcoin need to be stable in value to be used as an exchange. He explained by giving an example that if the price fluctuates between $60,000 (about Rs 45.27 lakh) to $ 50,000 (about Rs 37.72 lakh) in a few hours, then for a merchant (about Rs. Very difficult to accept.

“I don’t know whether cryptocurrencies like bitcoin will ever be a medium of exchange,” he said. He said that Visa will facilitate such transactions when the time comes.