Crypto payments platform Wirex, has signed a long-term strategic partnership with Visa to expand its footprint in the United Kingdom and the Asia-Pacific (APAC) region.
Under the partnership, Wirex will directly issue crypto-enabled debit, and prepaid cards for assets like Bitcoin to more than 40 countries.
The partnership will support further collaboration in significant markets such as Europe, the USA, and APAC between two countries.
Expanding crypto payment services
The development is another milestone for Wirex, which has over five million customers globally, with the UK as its largest customer base and rapid growth in APAC. The partnership is expected to empower more people to access the benefits of crypto.
“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,” said Matt Wood, Head of Digital Partnerships, Asia Pacific at Visa.
Elsewhere, Svyatoslav Garal, Regional Managing Director of Wirex APAC, pointed out that Visa’s safety, security, and innovation will help the company to continue developing a next-generation app and card.
It is worth noting that, although Wirex’s primary customer base is in the UK, it withdrew from the region’s Financial Conduct Authority’s (FCA) temporary registration regime before the full registration deadline. This means it now serves UK-based customers through a subsidiary licensed in Croatia.
Indeed, Wirex has long made it clear about its global expansion plans, an aspect backed by significant capital inflow from various backers.
The new agreement builds on the two companies existing relationship. In 2015, Wirex were the first company in the world to develop a crypto-enabled card, allowing users to buy, hold, exchange, sell multiple traditional and cryptocurrencies, and spend them at over 80 million locations where Visa is accepted.
Customers benefit from real-time point-of-sale conversion, exclusive interbank and OTC exchange rates, free international ATM withdrawals, zero monthly fees, free fiat-to-fiat exchanges, and up to 8% Cryptoback rewards for every purchase.
Svyatoslav Garal, Regional 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 economies. Visa’s proven commitment to safety, security and innovation will help us to continue developing a next-generation app and card.”