The move by Visa comes against the backdrop of unprecedented investor demand for crypto services and the company's latest offering is geared towards financial institutions eager to attract or retain customers with a crypto offering, retailers looking to delve into non-fungible tokens (NFTs), or central banks exploring digital currencies.
Executive vice president at UMB Bank said, "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.
A new global study by Visa showed nearly 40% of crypto owners surveyed would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.
Visa's Chief Financial Officer Vasant Prabhu told reuters that cryptocurrencies such as bitcoin to be used as a medium of exchange, price stability. is needed, told
Prabhu said, "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."
"I don't know if cryptocurrencies like bitcoin will ever be a medium of exchange. Stablecoins will," he said, adding that Visa would facilitate such transactions when the time was right.
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