Ali Raza
Wirex, one of the largest crypto payment service providers, has secured a long-term global partnership deal with Visa. The deal will also see Wirex becoming a member of Visa within the Asia Pacific region and the United Kingdom, allowing the crypto firm to issue crypto debit and credit cards to more than 40 countries.
Wirex to sign a long-term global partnership with Visa
The global partnership deal between Visa and Wirex will also support expansion into other markets such as Europe and the USA. By having a Wirex membership, Wirex will have the opportunity to provide innovative crypto products. The company will also have the opportunity to pilot new blockchain products.
The partnership is a significant milestone for Wirex. The company currently boasts more than five million customers, with the largest customer base being in the UK. However, it is also seeing rapid expansion in the APAC region, with this partnership expected to skyrocket this growth.
JUST IN: Visa partners with Wirex to issue #crypto debit cards to users in over 40 countries.
— Watcher.Guru (@WatcherGuru) February 13, 2023
“It’s great to strengthen our partnership with Visa, who have played an important role in allowing us to bridge the gap between the traditional and digital economies. Visa’s proven commitment to safety, security, and innovation will help us to continue developing a next-generation app and card,” said the Regional Managing Director of Wirex in the APAC region, Svyatoslav Garal.
It is not the first time that Visa and Wirex are working together. In 2015, Wirex emerged as the first company globally to release a crypto card that they could use in more than 80 million locations globally where Visa is accepted. Crypto cards are helpful because they allow crypto customers to enjoy real-time point-of-sale conversion.
The head of digital partnerships for Visa in the APAC region, Matt Wood, said that the company wanted to expand the payment options available to consumers. It planned to do this by bringing digital currencies to its network of merchants and banks. Visa said that by expanding into APAC, Wirex would make it easier for people to spend their cryptocurrencies at the merchants that accept Visa within the region.
In a recent press release, Wirex said it would continue working with Visa to expand its service offerings and release its card program globally. Wirex is also planning to announce another significant partnership deal for crypto card issuance in Australia.
Visa’s venture into the crypto industry
Visa has made several notable initiatives in the cryptocurrency industry. The payments company recently unveiled plans to create a “muscle memory” in the settlements sector, with the focus being on allowing customers to convert crypto assets to fiat currencies.
While speaking at the Ethereum community conference in Tel Aviv, Visa executive Cuy Sheffield said that the firm was testing ways to accept settlement payments made by issuers in the USDC stablecoin. The executive said it would start the initiative on Ethereum, saying that these settlements delivered large value. Sheffield noted that Visa was currently invested in global settlement using digital assets and fiat currency.
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This article was written for Business 2 Community by Ali Raza.
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