Visa report finds 40 percent of crypto owners to switch to crypto servicing banks
Visa research shows that crypto awareness is 94 percent among financial decision makers
Visa the world’s leader in digital payments, launched in December Visa’s Global Crypto Advisory Practice, an offering within Visa Consulting & Analytics (VCA) designed to help 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 released from Visa, awareness of crypto among financial decision makers surveyed is near universal at 94% around the world.1
Through Visa’s 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.
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 nearly one-third of respondents have directly engaged with crypto – either as an investment vehicle or as a medium of exchange. And globally, nearly 40% of crypto owners surveyed report they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.
“Crypto represents a technological shift for money movement and digital ownership,” said Terry Angelos, SVP, and global head of fintech, Visa. “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 uncovered the following insights:
- The crypto headlines are having an impact. Awareness of crypto is almost universal at 94% globally among survey participants with discretion over their household finances.
- A significant segment is using or investing with crypto: Nearly one in three crypto-aware adults already own or use cryptocurrency, and the majority of that group (62%) say their use has increased in the past year.
- Engagement is higher in emerging markets. 37% of the crypto-aware consumers surveyed in emerging markets use or own crypto, compared to 29% in developed markets.
- Key motivators include wealth-building and belief in crypto as the future of financial services. The biggest drivers of owning and using cryptocurrency are to take part in the “financial way of the future” (42%) and to build wealth (41%) – both forward looking motivators.
- Crypto-linked cards and crypto rewards are attractive. Among current crypto owners, 81% 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. 84% are interested in crypto rewards, which allow you to earn crypto as a reward for your card spending.
- Consumers are willing to switch banks in search of crypto products. Globally, 18% of survey participants say they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months. This is particularly true for emerging markets, which jumps to 24%. Among consumers who already own cryptocurrency, nearly 40% are willing to make the switch.