1 in 3 Aussie Crypto owners likely to switch banks to one that offers Crypto products, Visa study reveals
Visa, the world’s leader in digital payments, has today unveiled new research showing the case for crypto is getting stronger for financial institutions, with one in three (33%)1 Australian crypto-owners saying 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, “The Crypto Phenomenon: Consumer Attitudes & Usage,” found that digital currencies are taking greater hold in the popular consciousness – awareness of crypto among financial decision makers in Australia is near universal at 93%.
The research also shows 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, Visa’s Head of Innovation and Partnerships for Australia, New Zealand and South Pacific said: “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 evolve how they think about the future of money, every financial institution will require a strategy for crypto.”
Surveying more than 790 financial decision makers across Australia, the Visa study uncovered the following additional insights:
- 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. Among crypto-owners, the biggest drivers of owning and using cryptocurrency are to build wealth (40%), to take part in the “financial way of the future” (34%) and not wanting to miss out on its potential rise (28%).
- Crypto rewards cards and crypto-linked payments are attractive. Among crypto-owners in Australia, 74% express interest in crypto-linked cards, which allow you to spend crypto at the retailers where you shop in the same way you can use a debit or credit card. Similarly, 73% are interested in crypto rewards, which allow you to earn crypto as a reward for your card spending.
- Consumers are willing to switch banks in search of crypto products.
While it’s primarily crypto-owners willing to move banks in search of crypto products, the research also shows that a significant majority of crypto owners (82%) are also 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 today 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.
For financial institutions eager 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 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.
“Over the past year, there has been a notable shift in mindset across the payments ecosystem, with businesses moving from a curiosity in crypto to actually building a strategy and product roadmap,” continued Jones. “We are excited to help our clients 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 here.
1 Survey Methodology
This study, conducted in partnership with LRW, a Material Company, included 9 focus groups and 10 in-depth interviews total in the United States, Germany, and Argentina from July 14th –July 26th of 2021, and collected 6,430 online survey responses across Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the US, and the UK between August 25th and September 13th, 2021. In Australia, 797 respondents were surveyed.
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 years old or older, have a household income of at least $35,000 (or market equivalent)
- Have shared or joint financial decision-making responsibility in their households
Amongst this group, participants were furthered screened on their awareness of cryptocurrency: those who indicated awareness of cryptocurrency were invited to participate in the full survey on crypto attitudes and usage. Screening rates were captured to size this group among all online adults.
Stats referring to “Crypto Owners” represent a combined figure for survey respondents who identify as “Active Owners,” defined as respondents who have used cryptocurrency to send or receive money, buy goods, or to accept payment at least once and “Passive Owners,” who are defined as respondents who have purchased cryptocurrency as an investment but have not transferred/transacted with it.
For the full survey methodology, please view the report, available here.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s 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 around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves 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 payments consulting advisory arm of Visa. This group is a client-facing global team of more than 700 payments consultants, data scientists and economists in more than 75 cities. The combination of our deep payments expertise, our breadth of data and our economic intelligence allows us to identify actionable insights, recommendations and solutions that drive better business decisions and measurable outcomes for clients.
VCA is ideally positioned to work with clients to help formulate a digital currencies strategy, capabilities assessment, business case, and go-to-market approach, including build-partner-buy considerations. Similarly, subject matter experts can assist in areas such as product development, innovation and design, and marketing strategy and execution.
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