Visa launches crypto advisory service for financial institutions, merchants

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Visa Inc , the world's largest payment processor, on Wednesday launched a global crypto advisory service for clients such as banks and also merchants, as the adoption of digital currencies gains steam.

A Visa credit card is seen on a computer keyboard in this picture illustration taken September 6, 2017. REUTERS/Philippe Wojazer/Illustration/File Photo/File Photo, the world's largest payment processor, on Wednesday launched a global crypto advisory service for clients such as banks and also merchants, as the adoption of digital currencies gains steam.

Visa's services include educating institutions about cryptocurrencies, allowing clients to use the payment processor's network for digital offerings, and helping manage backend operations."We came to Visa to learn more about crypto and stablecoins and the use cases that are most relevant for our retail and commercial business lines," said Uma Wilson, executive vice president at UMB Bank, a regional U.S. lender.

Visa currently uses its network to allow buying, selling, and custody of digital currency. It also offers a credit card that lets users earn bitcoin on purchases and also allows the use of USD Coin, a stablecoin cryptocurrency whose value is pegged directly to the U.S. dollar, to settle transactions on its payment network.However, for cryptocurrencies such as bitcoin to be used as a medium of exchange, price stability is needed, Visa's Chief Financial Officer Vasant Prabhu told Reuters.

 

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