The Visa logo is displayed on a phone with a coin in the background.
Visa is launching new consulting and advisory services to help clients navigate the world of cryptocurrencies.
The payments processor said Wednesday that it will offer advice to financial institutions, retailers and other firms on everything from rolling out cryptocurrencies to exploring non-fungible token.
UMB is a client of Visa that is already using its services.
Visa is trying to push deeper into the industry. The company processed over $3 billion in digital currency transactions through its card schemes.
Some of the leading exchanges have millions of users and they allow users to spend their coins at over 80 million merchants, according to the company's CEO.
The company is working on products geared toward stable coins and central bank-issued digital currencies.
Visa hopes that it can help further the adoption of digital currencies. Mastercard sees cryptocurrencies as a key growth opportunity as it expands into areas other than card payments.
Major payment networks have faced increased competition in recent years. Open banking, which aims to open up consumer bank information and payment capabilities to rivals, threatens to disrupt their business model.
Visa is under pressure from tech companies. Amazon stopped accepting Visa credit cards in the UK due to high fees. In Australia and Singapore, the e-commerce titan has taken steps against Visa.
It's a huge new vertical and growth opportunity. We will be focusing on growing this business moving forward.
A study released by Visa Wednesday said that nearly one third of people have used it as an investment or medium of exchange. More than 6,000 people were surveyed for the research, which was conducted in partnership with LRW.
