Here Are Details On The New Crypto Service Visa Is Offering

Visa will launch a new service that will help consumers navigate and comprehend cryptocurrencies, the company announced Wednesday.

The move comes as many global financial institutions have grown more accepting of digital currencies in the U.S. and abroad. Visa said it surveyed "more than 6,000 financial decision-makers" from Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the U.K. and U.S.

“The case for crypto is getting stronger for financial institutions,” the financial services company said in a press release. “New U.K. insights from global research highlight that … 41% of U.K. adults surveyed have either used cryptocurrencies or view them positively.”

The world's largest payment company said it is actively looking to “help partners navigate a new era of money movement.”

Further research from Visa showed that “awareness of crypto among financial decision-makers surveyed in the U.K. is high at 92%.”

Visa chief financial officer Vasant Prabhu emphasized that a drawback of cryptocurrencies is their lack of stability, particularly bitcoin.

"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," Prabhu told Reuters.

Visa provides a credit card that allows clients to earn bitcoin on purchases.

“Crypto represents a technological shift for money movement and digital ownership,” said Antony Cahill, deputy CEO of 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.”