Cryptocurrencies are gaining wider acceptance, major financial players, and payment solutions providers like Visa, Mastercard, PayPal, etc., are integrating more support for the digital assets on their networks globally.
Visa authorized Wirex, a UK-based cryptocurrency payments company, to directly issue Visa cards and apply for additional licenses and services.
Wirex Can Now Issue Visa Cards Directly
Wirex became Visa Principal member in Europe, which allows the cryptocurrency card issuer to behave like a bank and generate payment cards and conduct various transaction services.
The crypto payments platform Wirex completed the Visa Fintech Fast Track Programme to attain the license through which it can issue Visa powered cards and sell financial products in the region. The company also attained MasterCard principal member status in July 2020, after which it could directly issue Mastercard payment cards.
Currently, Wirex has integration with Visa in which Visa issues Wirex debit cards for the users in Asia and Europe. Users can use the cards to convert their digital assets onto fiat and then use the cards at various outlets. However, the company can now issue its cards and roll out other financial services to its customers acting as a bank. With more than 3 Million customers, Wirex can play a pivotal role in promoting the wider use of crypto cards.
The head of the cryptocurrency at Visa, Cuy Sheffield, said that “We’re excited to work with innovative fintech like Wirex and enable their customers to use digital currencies at more than 61 million merchants on the Visa network,”
Wirex is regulated by the United Kingdom’s Financial Conduct Authority and is became the first-ever native cryptocurrency company having the capability to generate payment cards for its customers.
Wirex has been associated with Visa for a long time and started issuing contactless crypto enabled Visa debit cards way back in 2014. As per the CEO and co-Founder of Wirex, Pavel Matveev, the company aims to bring the traditional and cryptocurrency economies together and collaborate with trusted names in the global payments field.
Becoming a Visa Principal member, Wirex would expand its offerings to a wide customer base in Europe and Asia Pacific region. Wirex also plans to launch a debit card, which would facilitate fiat and cryptocurrency payments.
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