Aussie crypto owners likely to switch banks to those offering crypto assets

Anthony Jones, Head of Innovation and Partnerships for Australia, New Zealand and South Pacific at VISA

Visa, the global leader in digital payments has unveiled findings from their new research which is showing that the case for crypto is getting stronger for financial institutions.

One in three (33%) Australian crypto-owners said that they would be likely or very likely to switch their primary bank to one that offers crypto products in the next 12 months.

The global study from Visa entitled, “The Crypto Phenomenon: Consumer Attitudes & Usage“, found out that digital currencies are taking greater hold in the popular awareness of crypto among financial decision makers in Australia and is near universal at 93%.

The research findings are also showing a growing adoption of crypto, with more than one quarter (27%) of Australian crypto-aware respondents having directly engaged with crypto either as an investment vehicle or as a medium of exchange.

Anthony Jones, is Visa’s Head of Innovation and Partnerships for Australia, New Zealand and South Pacific. He elaborated more on this phenomenon that has been trending.

“Digital currencies and crypto assets signify a technology shift not only for money movement but also digital ownership, with growth in this space poised to continue.”

“As consumer investment into this new asset class gains momentum and Australians start to think about the future of money, every financial institution will require a crypto strategy.”

Key insights from the Visa study

A significant segment is using or investing with crypto

Of the one in four (27%) crypto-aware adults that already own or use cryptocurrency (“crypto-owners”), over half of that group (59%) say their use has increased in the past year.

The remaining three quarters (73%) of crypto-aware Australians do not currently own cryptocurrency but 26% of that group have taken steps to learn more.

Crypto-owners are excited about new use cases

36% of crypto owners say they are very likely to use crypto to pay friends or family in the next 12 months and 33% are very likely to buy crypto goods such as Non-Fungible Tokens (NFTs).

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 build wealth (40%), take part in the financial way of the future (34%) and not to miss out on its potential rise (28%).

Crypto rewards cards and crypto-linked payments are attractive.

74% of crypto-owners in Australia are interested in crypto-linked cards, which allow you to spend crypto at the retailers where you shop in the same way you can use a credit card.

73% are interested in crypto rewards, which earn crypto as a reward for your card spending.

Clients are willing to switch banks in search of crypto products

While crypto-owners willing to move banks in search of crypto products, the research also shows that a majority of crypto owners (82%) are interested in buying crypto from their bank.

Visa launches crypto consulting services

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

Understanding the crypto ecosystem is a vital step for financial institutions regardless of size.

These include banks that are eager to attract or retain customers with crypto products, retailers looking to delve into NFTs and central banks exploring their regulation.

Visa works with more than 60 crypto platforms worldwide.

Visa’s 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.

“Last year, there was a shift in mindset across the payments ecosystem as businesses moved from a curiosity in crypto to actually building a strategy and product roadmap.”

“We are therefore very excited to help our esteemed clients and partners, globally and here in Australia, to navigate this new era of money movement,” concluded Jones.