1 in 3 Aussie Crypto Owners Likely To Switch Banks
Visa, the world's leader in digital payments, has 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 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."
Download "The Crypto Phenomenon: Consumer Attitudes & Usage" and learn more.
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