1 in 3 Australian Crypto owners are likely to switch banks to a bank offering Crypto products, according to Visa study

0


SYDNEY, December 9, 2021 / PRNewswire / – Visa, the global leader in digital payments, today unveiled a new study showing the case for crypto is strengthening for financial institutions, with one in three (33%)[1] Australian crypto owners claiming they would be likely or very likely to change primary bank to one offering crypto products in the next 12 months.

The Visa Global Study, “The cryptographic phenomenon: consumer attitudes and uses“, found that digital currencies are taking a greater hold in popular consciousness – crypto awareness among financial policymakers in Australia is nearly 93% universal.

Research also shows a growing adoption of crypto, with more than a quarter (27%) of crypto-aware Australian respondents having directly used crypto either as an investment vehicle or as a medium of exchange.

Anthony jones, Head of Innovation and Partnerships at Visa for Australia, New Zealand and South Pacific said, “Digital currencies and crypto assets mean a technological shift not only for the movement of money, but also for digital ownership, with the growth of this space poised to continue. consumer investment in this new asset class is gaining momentum and as Australians start to change the way they think about the future of money, every financial institution will need a strategy for crypto. “

Survey of more than 790 financial decision-makers through Australia, the Visa study revealed the following additional information:

  • A significant segment uses or invests with crypto. Among the four (27%) cryptocurrency-aware adults who own or already use cryptocurrencies (“crypto-owners”), more than half of this group (59%) say their use has increased over the course of time. of the last year. The remaining three-quarters (73%) of crypto-aware Australians do not currently own a cryptocurrency, but 26% of this group have taken action to learn more.

  • Crypto owners are excited about the new use cases. 36% of crypto owners say they are very likely to use crypto to pay their friends or family over the next 12 months and 33% are very likely to buy crypto products such as non-fungible tokens ( NFT).

  • The main motivations include wealth creation and belief in crypto as the future of financial services. Among cryptocurrency owners, the main drivers of owning and using cryptocurrency are creating wealth (40%), participating in the “financial path of the future” (34%) and not to miss its upside potential (28%).

  • Crypto reward cards and crypto related payments are attractive. Among crypto owners in Australia, 74% express interest in crypto-linked cards, which allow you to spend crypto at retailers where you shop in the same way you can use a debit or credit card. Likewise, 73% are interested in crypto rewards, which allow you to earn crypto as a reward for your card spending.

  • Consumers Ready to Switch Banks in Search of Crypto some products. While these are mostly cryptocurrency owners willing to move banks in search of crypto products, research also shows that a significant majority of cryptocurrency owners (82%) are also interested in buying crypto-currencies with their bank.

Visa Launches Crypto Consulting Services

In response to growing customer interest in building crypto solutions, Visa is also announcing the launch of Visa Global Crypto Advisory, an offering within Visa Consulting and Analytics (VCA) designed to help customers and partners advance their business. own cryptographic journey.

For financial institutions keen 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 in-depth expertise to help financial institutions assess the crypto opportunity, develop concrete strategies and drive new user experiences and innovations such as the crypto and consumer rewards programs integrated with the CBDC. wallets.

“Over the past year, there has been a noticeable shift in mindset in the payments ecosystem, with companies moving from a curiosity about crypto to creating strategy and a roadmap for the products, ”Jones continued. “We are delighted to help our customers and partners, globally and here in Australia, navigate this new era of money movement. “

To download “The Crypto Phenomenon: Consumer Attitudes & Usage” and learn more, click on here.

About Visa inc.

Visa Inc. (NYSE: V) is the global 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 worldwide and is capable of processing over 65,000 transaction messages per second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for anyone, everywhere. As the world shifts 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.com/blog and @VisaNews.

About Visa Consulting & Analytics

Visa Consulting & Analytics (VCA) is the payment advisory arm of Visa. This group is a global team in direct contact with the clients of more than 700 payment consultants, data scientists and economists in more than 75 cities. The combination of our deep payments expertise, breadth of our data and business intelligence enables us to identify actionable insights, recommendations and solutions that drive better business decisions and measurable results for customers. .

VCA is uniquely positioned to work with clients to help them formulate a digital currency strategy, capacity assessment, business case, and approach to go to market, including build-partner-buy considerations. Likewise, subject matter experts can assist in areas such as product development, innovation and design, and marketing strategy and execution.

Warning

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 which relate, among other things, to our future operations, prospects, developments, strategies and business growth. Forward-looking statements are generally identified by words such as “believes”, “believes”, “expects”, “intention”, “could”, “plans”, “could”, “should”, “will be”. “,” 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 on which 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 difficult to predict. We describe the risks and uncertainties that could cause actual results to differ materially from those expressed or implied by any of these forward-looking statements in our filings with the SEC. Unless required by law, we do not intend to update or revise 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 are intended for informational purposes only and should not be relied on for operational, marketing, legal, technical, tax, financial advice. or others. Visa Inc. makes no warranties or representations as to the completeness or accuracy of the information contained in this document, and assumes no liability that may arise from reliance on such information. The information contained in this document is not intended as investment, tax or legal advice, and readers are encouraged to seek the advice of a competent professional when such advice is required.

[1] Survey methodology

This study, conducted in partnership with LRW, a Material Company, included 9 focus groups and 10 in-depth interviews in total in United States, Germany, and Argentina of July 14th –July 26, 2021, and collected 6,430 responses to online surveys through Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the United States and the United Kingdom between August 25 and September 13, 2021. In Australia, 797 respondents were interviewed.

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 or older, have a family income of at least $ 35,000 (or market equivalent)

  • Have a shared or joint responsibility for financial decision-making in their household

Among this group, participants were screened further on the basis of their knowledge of cryptocurrency: Those who indicated their knowledge of cryptocurrency were asked to participate in the full survey on attitudes and use of cryptocurrency. cryptocurrency. Screening rates were captured to size this group among all adults online.

Statistics referring to ‘owners of cryptocurrency’ represent a combined number for survey respondents who identify as ‘active owners’, defined as respondents who used the cryptocurrency to send or receive money. ‘money, buy goods or accept payment at least once and “Passive owners,” which are defined as respondents who bought cryptocurrency as an investment but did not transfer / transform with it .

For the full survey methodology, please see the report, available here.

SOURCE Visa inc.



Share.

About Author

Comments are closed.