FUNDING

Visa Introduces Crypto Advisory Services to help Partners Navigate a New Era of Money Movement

Visa | December 08, 2021

Visa Introduces Crypto Advisory Services to help Partners Navigate a New Era of Money Movement
Visa (NYSE: V), the world’s leader in digital payments, today announced the launch of 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 today from Visa, awareness of crypto among financial decision makers surveyed is near universal at 94% around the world.i

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.”

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 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 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 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 crypto-aware consumers 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.
To download “The Crypto Phenomenon: Consumer Attitudes & Usage” and learn more, click here.

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. 

Spotlight

While most of us seem to agree that life insurance is a necessity, 3 in 10 households remain uninsured even though many families would have trouble meeting everyday expenses if the primary wage earner died...

Related News

FINTECH

ACI Worldwide Launches Network Intelligence Technology to Combat Real-Time Payments Fraud

ACI Worldwide | November 15, 2021

ACI Worldwide, a leading global provider of real-time payments and digital payment software solutions, today launched its proprietary Network Intelligence Technology as an integral part of ACI Fraud Management. The new technology enables banks, processors, acquirers, and networks to augment fraud prevention strategies by allowing them to securely share industry-wide fraud signals by feeding their machine learning models and leveraging their machine learning technology more effectively. It offers industry players a new, hybrid approach towards fraud prevention, combining the strength of custom, proprietary signals and complementing them with signals exchanged within the consortium of industry participants. The launch comes against the backdrop of rising global levels of new fraud attacks and increased calls for more collaboration among industry players. The rise of digital and real-time payments due to the Covid-19 pandemic has seen fraudsters and scammers increasingly focus on real-time payments channels, targeting unsuspecting customers through Phishing and social engineering scams. APP fraud increased 71% during the first half of 2021 in the UK, overtaking card fraud rates for the first time. The levels of fraud in the UK now pose a national security threat, industry body UK Finance has warned. ACI’s unique Network Intelligence Technology adds another layer to one of the most sophisticated fraud prevention and management solutions on the market today. New ways of industry collaboration are crucial for improving fraud prevention. ACI’s unique network intelligence approach will help financial institutions and payment providers to develop macro insights and beat fraudsters with valid models that are weighted appropriately across all parties.” Cleber Martins, Head of Payments Intelligence and Risk Solutions, ACI Worldwide. ACI’s Network Intelligence Technology allows industry players to: Consume, distribute, and exchange secure fraud signals without exposing raw data Adopt a new, hybrid approach towards fraud prevention, combining the strength of custom, proprietary signals and complementing them with signals exchanged within the consortium Incorporate signals from third-party fraud intelligence sources Choose which insights to adopt into models and which to contribute to community findings Leverage transparent, individual signals rather than a single opaque model dominated by the largest contributor Create informative and contextually meaningful data features, focused on individual requirements Understand localized threats before they become endemic ACI Fraud Management delivers enterprise fraud prevention capabilities that are crucial to successfully protecting customers in a real-time fraud environment. The solution offers advanced machine learning as well as behavioural biometrics capabilities, predictive analytics, and expertly defined rules—helping banks identify and prevent real-time fraud. It includes the ACI Model Generator, which enables business users to create and maintain their own predictive machine learning models within minutes which can be specific to real time instant payments. ACI’s unique network intelligence approach delivers an industry, regional, and market-wide view of emerging threats. About ACI Worldwide ACI Worldwide is a global software company that provides mission-critical real-time payment solutions to corporations. Customers use our proven, scalable and secure solutions to process and manage digital payments, enable omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with local presence to drive the real-time digital transformation of payments and commerce.

Read More

FINTECH

Fiserv to Acquire Digital Experience Platform Ondot Systems

Fiserv, Ondot | December 28, 2020

Fiserv, Inc. a main worldwide supplier of financial services technology solutions, today reported that it has consented to a conclusive arrangement to obtain Ondot Systems, Inc. a main digital experience stage for financial institutions. The transaction will additionally grow Fiserv digital capacities, upgrading its set-up of coordinated solutions to empower clients, everything being equal, to convey frictionless, digital-first and personalized experiences to their buyers. Established in 2011, Ondot processes more than 1 billion transactions per month and gives digital abilities to more than 30 million cards. Fiserv plans to additionally build up the Ondot stage's extraordinary interchange between continuous approval, client setting, and man-made reasoning ("AI") to draw in clients in-the prior second, during and after transactions. “The importance of digital has accelerated and consumers are increasingly turning to online and mobile banking, as well as contactless payments experiences,” said Frank Bisignano, President and Chief Executive Officer of Fiserv. “By combining Ondot and Fiserv capabilities at scale, we plan to provide our clients with a unified digital experience, spanning card-based payments, digital banking platforms, core banking, and merchant solutions, enabling them to deliver best-in-class solutions that continue to reduce friction for their customers. We look forward to welcoming the talented Ondot team to the Fiserv family as we continue to help our clients deliver innovative ways for their customers to actively manage their financial lives at the point of thought.” With the integration of Ondot, Fiserv will assist clients with quickening digital client securing, drive digital business, increment card initiation and utilization, lessen administration costs, and connect logically in minutes that issue all by means of readymade solutions for clients. For instance, cardholders can profit by moment card issuance and utilization, as well as unprecedented visibility into purchases through enriched transaction information and actionable insights to spend smarter. Chargebacks and client assistance calls are habitually the consequence of a cardholder not perceiving a transaction. Information improvement from Ondot puts together and distinguishes transaction and shipper information, permitting clients to all the more effectively perceive their buys and comprehend their spending designs, bringing about higher commitment and less help calls and questions. With these all encompassing customer confronting experiences and customer confronting apparatuses, card guarantors can convey present day digital card services rapidly on top of their current preparing framework. “The Fiserv aspiration to move money and information in a way that moves the world fully resonates with Ondot’s mission,” said Vaduvur Bharghavan, President and Chief Executive Officer of Ondot Systems. “Joining with Fiserv will provide Ondot the opportunity to innovate and impact the industry on a global scale. We look forward to expanding the scope of our offerings as we integrate with Fiserv’s vast array of capabilities to continue providing high-quality digital solutions to consumers, merchants, acquirers, networks and card issuers.” About Ondot Founded in 2011, Ondot provides more than 4,500 banks and credit unions with a digital card services platform to drive cardholder engagement. From community issuers to top global banks, Ondot enables financial institutions to offer in-the-moment convenience, control, and transparency for credit and debit cards, leading to higher usage, lower cost, and reduced fraud. To learn more about Ondot Systems About Fiserv Fiserv, Inc. aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500 and is among FORTUNE World’s Most Admired Companies®.

Read More

FINTECH

Melio Raises $250M To Fuel Expansion Of Its B2B Payments Platform And Forge New Partnerships, Tripling Valuation To $4B

Melio | September 15, 2021

Melio, a leading B2B payments platform for small businesses, today announced it has raised an additional $250 million, tripling the company's valuation to $4 billion since January 2021. The capital raised will accelerate the company's expansion through partnerships with leading financial institutions, software providers, and marketplaces interested in enabling B2B payments for their customers. The Series D round, which comes as the company grew its monthly processing volumes by 5,000% over the last 18 months, was co-led by new investor Thrive Capital of New York, along with existing investor General Catalyst. U.S. investment firm Tiger Global Management also invested in the round, along with existing investors Accel, Bessemer, Coatue, Corner Ventures, and Latitude. "2021 has been a year of rapid growth for Melio. We found ourselves in a fortunate position to support small businesses more than ever before, helping them digitize their vendor payment operations, saving them valuable time, and maximizing their cash flow," said Melio CEO and co-founder Matan Bar. Melio provides a single, integrated solution that allows small businesses to quickly and seamlessly transfer and receive payments – helping with cash flow needs, reducing or eliminating late payment costs, and giving businesses back valuable time. A survey carried out by Melio found that 31% of small business owners said embracing new technologies helped their business during COVID-19. Melio also announced that General Catalyst Chairman and Managing Director Ken Chenault, the former chairman and CEO of American Express, will join Melio's board as an observer. "Melio is leveling the playing field for small businesses, empowering them with solutions focused on cash flow and workflow issues, which are critical for small business owners," said Chenault. "Since our initial investment in Melio, I've worked closely with Matan. I've been very impressed with his leadership and with what he and the team have accomplished. Most importantly, I am very excited about the opportunity that lies ahead of them as one of the fastest growing companies in the small business payments space." "Melio has been a critical partner for small businesses as they navigated the financial constraints of the pandemic-induced economic downturn," said Vince Hankes, Investor at Thrive Capital. "For many, the ability to implement and adopt these digital payment solutions has been the key to keeping their doors open – proving that digital payment platforms are critical to small business growth." Melio, which raised $110 million in its last funding round in January, is growing rapidly. Its strategy includes integrating with some of the nation's leading financial service and software as a service (SaaS) companies to enable accounts payable and receivable capabilities for their customers by embedding Melio's technology into their products. In June, the company partnered with Capital One to increase access to accounts payable and receivable cash flow management tools for small business customers. In 2020, Melio partnered with Intuit's QuickBooks, the leading accounting software for small businesses. It offers Bill Pay powered by Melio, a free, integrated accounts payable solution that allows QuickBooks users to easily pay business bills in the office or on the go. Investors from previous rounds include Accel, Aleph, Bessemer, Capital One, Coatue, Corner Ventures, General Catalyst, and Latitude. American Express Ventures, Intuit, and Salesforce are also strategic investors, solidifying these companies' interests in the small business economy. About Melio Melio's mission is to keep small business in business, helping them to improve their cash flow and workflow, gain more control over their finances, and optimize their business's financial health. Melio was founded by CEO Matan Bar, CTO Ilan Atias, and COO Ziv Paz in 2018, with headquarters in New York and an R&D center in Tel Aviv. Melio also selected Colorado for its western U.S. headquarters and has begun recruiting for 250 new jobs in the state. The company has raised $506 million to date. Melio's smart B2B online payment solution is tailor-made for small businesses' needs. It is a free, simple, and secure solution that allows small businesses and their suppliers to transfer and receive payments quickly and easily.

Read More

Spotlight

While most of us seem to agree that life insurance is a necessity, 3 in 10 households remain uninsured even though many families would have trouble meeting everyday expenses if the primary wage earner died...