Multinational financial services company Visa, Inc. (NYSE:V) has launched Global Crypto Advisory Practice within its Visa Consulting & Analytics (VCA) division to help its partners and clients deal in crypto products.
Based out of California, Visa facilitates electronic funds transfers through its credit cards, debit cards and prepaid cards. (See Insiders’ Hot Stocks on TipRanks)
Visa Conducts Global Survey
The launch follows the company’s survey of over 6,000 financial decision makers across eight nations — Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the U.K. and the U.S. — about crypto awareness.
The survey found that nearly 33% of the respondents have dealt with crypto directly. It also found that around 40% of crypto owners are likely to change their primary bank in the next 12 months to the one that offers crypto-related products.
Management Comments
The European Head of Visa Consulting & Analytics, Claudio Di Nella, said, “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.”
The Deputy CEO, Visa, Europe, Antony Cahill, said, “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.”
Analysts’ Recommendation
Overall, the stock has a Strong Buy consensus rating based on 13 unanimous Buys. The average Visa price target of $276.46 implies 33.3% upside potential. Shares have lost 10.6% over the past six months.
Website Traffic
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings, the world’s biggest website usage monitoring service, offers insight into Visa’s performance.
According to the tool, compared to the previous year, the company’s website traffic registered a 12.4% decrease in global visits in November. Moreover, the website traffic has declined nearly 6% year-to-date against the same period last year.
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