Visa And Wirex Have Expanded Their Collaboration To Cover 40 Countries

Wirex, a powerful cryptocurrency payments platform, has entered into a long-term strategic partnership with Visa, a payment company network. The agreement will enable them to independently issue crypto-based debit and prepaid cards to more than 40 countries.

The partnership will facilitate collaboration in markets, including the Asia-Pacific region, the United Kingdom, Europe, and the United States. Wirex’s membership with Visa allows it to introduce innovative products for utilizing cryptocurrency daily. The ultimate purpose is to enhance the user experience and test new blockchain projects.

Wirex’s most extensive customer base is located in the United Kingdom. The company previously withdrew from the temporary registration regime of the UK’s Financial Conduct Authority (FCA) prior full registration deadline. So, it serves U.K.-based customers through a subsidiary licensed in Croatia.

This announcement strengthens the relationship between the two companies. In 2015, Wirex became the first company to introduce a card enabled for cryptocurrencies. The card allowed users to purchase, store, exchange, and sell various traditional and digital currencies.

Additionally, customers can enjoy OTC exchange rates and instant point-of-sale conversion. They also benefit from exceptional interbank rates, free international ATM withdrawals, no monthly fees, and free fiat-to-fiat exchanges. Moreover, the transactions also provide incentives of up to 8% CryptobackTM rewards on every purchase.

Related Reading | Visa To Introduce New Smart Contract Payment System

What is included in the Visa and Wirex agreement?

Furthermore, the partnership includes the following main points:

  • The partnership between Wirex and Visa encompasses Wirex becoming a member of Visa in the Asia-Pacific region and the United Kingdom, enabling them to independently issue crypto-based debit and prepaid cards to more than 40 nations.
  • This is fantastic news for current and potential customers, as a significant portion of our customer base is in the UK, and we have observed substantial growth in the APAC region. This partnership will assist us in allowing everyone to experience cryptocurrency’s advantages.
  • The agreement will foster additional collaboration in critical markets like the Asia-Pacific region, the United Kingdom, Europe, and the United States. The partnership allows Wirex to provide new and innovative products that utilize cryptocurrency daily, enhance the user experience, and test new blockchain projects.

However, Svyatoslav Garal, the Regional Managing Director of Wirex APAC, stated:

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. 

Additionally, Matt Wood, the Head of Digital Partnerships for Asia Pacific at Visa, said:

Visa wants to bring more payment options to consumers by connecting digital currencies with our network of banks and merchants. We’re excited that Wirex is expanding their focus on Asia Pacific, making it easy and seamless for people to spend their crypto balance at the millions of merchants that accept Visa in the region.

This article conveys general information and the opinions expressed should not be considered personal advice for any individual or specific security or investment product.

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