The case for crypto is getting stronger for financial institutions. New UK insights from global research highlight that:
- 41% of UK adults surveyed have either used cryptocurrencies or view them positively
- 27% of those surveyed are owners of cryptocurrencies for investing or transacting
- 14% surveyed are curious and taking steps to learn more
(PRESS RELEASE) LONDON, 8-Dec-2021 — /EuropaWire/ — Visa (NYSE: V), a world’s leader in digital payments, has announced the launch of a new Global Crypto Advisory Practice, an offering within Visa Consulting and Analytics (VCA) aimed at helping clients and partners advance their own crypto journey. This comes at a moment when digital currencies are taking greater hold in the popular consciousness. According to research [The Crypto Phenomenon: Consumer Attitudes & Usage] released today from Visa, awareness of crypto among financial decision makers surveyed in the UK is high at 92%.
For financial institutions eager to attract or retain customers with a crypto offering, retailers looking to delve into NFTs, or central banks exploring digital currencies, understanding the crypto ecosystem is a vital first step. Through their work with more than 60 crypto platforms, Visa’s global network of consultants and product experts have deep expertise to help financial institutions evaluate the crypto opportunity, develop concrete strategies, and pilot new user experiences and innovations like crypto rewards programs and CBDC-integrated consumer wallets.
“We’ve seen a material shift in our clients’ mindset in the last year, from a desire to explore and experiment with crypto, to actually building a strategy and product roadmap.” said Claudio Di Nella, Head, Visa Consulting & Analytics, Europe.
Visa study explores consumer attitudes and adoption of crypto
Client interest in building crypto solutions comes as new Visa research shows significant awareness and adoption among consumers globally. In a new global study, “The Crypto Phenomenon: Consumer Attitudes & Usage,” Visa found that approximately one quarter of crypto-aware UK respondents have directly engaged with crypto – either as an investment vehicle or as a medium of exchange.
“Crypto represents a technological shift for money movement and digital ownership,” said Antony Cahill, Deputy CEO, Visa, Europe. “As consumers change their approach to investing, where they bank, and their views on the future of money, every financial institution will need a crypto strategy.”
Surveying more than 6,000 financial decision makers across eight markets (Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the U.K. and U.S.), the Visa study “The Crypto Phenomenon: Consumer Attitudes & Usage” uncovered the following insights:
- The crypto headlines are having an impact. Awareness of crypto is high at 92% in the UK (94% globally) among survey participants with discretion over their household finances.
- A significant segment is using or investing with crypto. Approximately one quarter (27%) of crypto-aware adults surveyed in the UK already own or use cryptocurrency, and the majority of that group (58%) say their use has increased in the past year.
- Engagement is higher in emerging markets. 37% of crypto-aware adults surveyed in emerging markets use or own crypto compared to 29% in developed markets.
- Key motivators in the UK include wealth-building and belief in crypto as the future of financial services. The biggest drivers of owning and using cryptocurrency among active UK crypto owners include to take part in the “financial way of the future” (33%) and to build wealth (28%) – both forward looking motivators. 31% also see crypto as a global currency which allows them to send money abroad without conversion fees.
- Crypto-linked cards and crypto rewards are attractive. Among current crypto owners in the UK, 78% surveyed express interest in crypto-linked cards, which allow you to convert and spend crypto at the retailers where you shop in the same way you can use a debit or credit card. 85% are interested in crypto rewards, which allow you to earn crypto as a reward for your card spending.
To download “The Crypto Phenomenon: Consumer Attitudes & Usage” and learn more, click here.
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Note to editors:
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, Visa Blog and @VisaUK.
About Visa Consulting and Analytics
Visa Consulting & Analytics (VCA) is the payments consulting advisory arm of Visa. This group is a client-facing global team of more than 700 payments consultants, data scientists and economists in more than 75 cities. The combination of our deep payments expertise, our breadth of data and our economic intelligence allows us to identify actionable insights, recommendations and solutions that drive better business decisions and measurable outcomes for clients.
VCA is ideally positioned to work with clients to help formulate a digital currencies strategy, capabilities assessment, business case, and go-to-market approach, including build-partner-buy considerations. Similarly, subject matter experts can assist in areas such as product development, innovation and design, and marketing strategy and execution.
Disclaimer
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, our future operations, prospects, developments, strategies, business growth. Forward-looking statements generally are identified by words such as “believes,” “estimates,” “expects,” “intends,” “may,” “projects,” “could,” “should,” “will,” “continue” and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict. We describe risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, any of these forward-looking statements in our filings with the SEC. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise.
Case studies, comparisons, statistics, research and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Visa Inc. neither makes any warranty or representation as to the completeness or accuracy of the information within this document, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment, tax, or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.
Survey Methodology
This study, conducted in partnership with LRW, a Material Company, included 9 focus groups and 10 in-depth interviews total in the United States, Germany, and Argentina from July 14th –July 26th of 2021, and collected 6,430 online survey responses across Argentina (804), Australia (797), Brazil (821), Germany (799), Hong Kong (797), South Africa (800), the US (809), and the UK (803) between August 25th and September 13th, 2021.
The research reflects the views and opinions of online populations in these markets and is demographically representative based on age, gender, household income, region and ethnicity. In order to qualify for the survey, respondents had to:
Be at least 18 years old
If 25 years old or older, have a household income of at least $35,000 (or market equivalent)
Have shared or joint financial decision-making responsibility in their households
Amongst this group, participants were furthered screened on their awareness of cryptocurrency: those who indicated awareness of cryptocurrency were invited to participate in the full survey on crypto attitudes and usage. Screening rates were captured to size this group among all online adults.
Stats referring to “Crypto Owners” represent a combined figure for survey respondents who identify as “Active Owners,” defined as respondents who have used cryptocurrency to send or receive money, buy goods, or to accept payment at least once and “Passive Owners,” who are defined as respondents who have purchased cryptocurrency as an investment but have not transferred/transacted with it.
For the full survey methodology, please view the report, available here.
Media contact:
europeanmedia@visa.com
+44 (0)20 7795 5336
SOURCE: Visa
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