Bullish for adoption: Billion-$ company VISA launches Bitcoin-powered cards in over 40 countries
- VISA and Wirex will work to increase day-to-day crypto adoption, increase user experience as well as pilot new blockchain initiatives.
- This latest initiative comes after VISA announced plans to bring stablecoin settlements to its platform.
On Monday, February 13, payments giant VISA announced that the company plans to issue its crypto-enabled debit and credit in 40 countries in the UK and Asia-Pacific (APAC).
For this, VISA has entered into a long-term global strategic partnership with the leading crypto payment platform Wirex. The agreement between VISA and Wirex will allow the offering of new and innovative crypto products. It will further help increase day-to-day crypto adoption, increase user experience as well as pilot new blockchain initiatives.
London-based Wirex serves 5 million customers in the UK alone. In addition, it is also witnessing rapid growth in the Asia-Pacific (APAC) region. The recent partnership builds on the existing relationship between the two companies.
Back in 2015, Wirex became the first company to issue a crypto-enabled debit card that allows users to buy, hold, exchange and sell multiple traditional and cryptocurrencies. By using the Wirex crypto debit card, users can also spend their digital assets at over 80 million locations where Visa is accepted.
With every Wirex crypto debit card purchase, customers can benefit from real-time point-of-sale conversion, free international ATM withdrawals, exclusive interbank and OTC exchange rates, 8% Cryptoback™ and several other types of rewards. When we talk about the development, Svyatoslav Garalregional managing director of Wirex APAC, said:
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 economy. Visa’s proven commitment to safety, security and innovation will help us continue to develop a next-generation app and card.
VISA and Crypto
The increasing use of cryptocurrencies with each passing year is forcing traditional payment companies to lean towards crypto adoption. Despite last year’s crypto winter in 2022, the Bitcoin blockchain processed more transactions than the top two giants VISA and Mastercard.
While VISA continues to explore the crypto space, it ensures that it operates within the confines of the regulatory framework. In an interesting development recently, VISA said it is working on bringing stablecoin settlements to its platform.
Cuy Sheffield, who heads VISA’s crypto division, stated that the payments giant is building a “muscle memory” for settlements. If enabled, this will also allow VISA’s 2.5 billion global customers to convert digital assets and fiat directly on the platform. As of today, VISA is testing the settlement of USDC stablecoins on the Ethereum network.
Thus, it seems that VISA is preparing for the next revolution to come in the payment industry. Also, we can expect stablecoins and CBDCs to exist in the future. It is most likely that VISA will support these blockchain-based assets. Commenting on the latest expansion with Wirex, Matt Woodhead of digital partnerships, Asia PacificVisa, commented:
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Visa wants to bring more payment options to consumers by connecting digital currencies to our network of banks and merchants. We are pleased that Wirex is expanding its focus on Asia Pacificmaking it easy and seamless for people to spend their crypto balance at the millions of merchants that accept Visa in the region.
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