To increase its position in Asia-Pacific (APAC) and the U.K., cryptocurrency payments company Wirex has formed a long-term strategic relationship with payments behemoth Visa.
Following the agreement, Wirex joined Visa and is now authorized to directly issue symmetric encryption debit and prepayment cards to more than 40 nations. Bitcoin trading, you may consider using a reputable trading platform like immediateconnect.pl/
The Visa accreditation will enable Wirex to provide new services that employ cryptocurrency in regular transactions, as well as to improve user experience and test out brand-new blockchain-based programmes.
This new agreement expands on the two companies’ current cooperation and will support new alliances in essential areas, including APAC, the U.K., Europe, and the U.S.
Wirex developed a cryptocurrency-driven card in 2015 that allowed users to purchase, keep, swap, and sell different traditional currencies and cryptocurrencies. Upwards of 80 million locations accept these currencies for use by users.
Wirex to Target Tech-Aware and Growingly Wealthy APAC Clientele
Over 250 cryptocurrencies, notably Bitcoin, Ether, Litecoin, MKR, DOT, SOL, and MATIC, are accepted on Wirex’s debit and prepaid cards. In July 2022, ALGO was added as a payment option.
Due to a recent Visa deal, Asian customers may now use cryptocurrency at more APAC shops. As of August of last year, over half of the local population was active internet users. According to Forbes, up to 7% of an APAC resident’s financial portfolio comprises cryptocurrencies.
Also, cryptocurrency payments draw more affluent customers who otherwise wouldn’t shop at a store. The Visa alliance seeks to take advantage of Wirex’s sizable U.K. market, which has 5 million consumers, and its expansion into the developing APAC region. According to its prospectus, Wirex has Electronic Money Regulations 2017 registration with the U.K.’s Financial Conduct Authority. The United States is another country where Wirex operates.
To allow cryptocurrency owners to purchase goods at more than 80 million merchant locations with almost immediate point-of-sale conversion, Wirex was established by Pavel Matveev and Dmitry Lazarchev in 2014. In 2015, Wirex introduced its crypto transactions card with Visa. Also, consumers can get exclusive over-the-counter trading desk pricing.
Asian countries Accept a Variety of Cryptocurrencies.
Despite having a tech-savvy population in the APAC area, Wirex will probably have difficulties promoting its card usage in several Southeast Asian nations.
The Thailand exchange commission outlawed cryptocurrency payments last year because of the technology’s potential to be used for money laundering. It was emphasized that the restriction did not cover trade.
To need licences for all cryptocurrency dealers, the General Central Committee of the National Police, the Exchange and Securities Commission of Cambodia, and the National Bank of Cambodia signed a joint statement in 2018.
The Vietnamese government decided that cryptocurrencies cannot be used for payment. Yet, the 2022 Demographics of Cryptocurrency Study from Chainalysis found that the nation has the highest rate of cryptocurrency adoption.
China now has one of Asia’s most notorious and severe crypto prohibitions. The government has outlawed cryptocurrencies and is developing a centralized digital currency undergoing extensive testing.
Visa and Wirex Collaborate to Grow Into Developing Markets
Visa, London-based payments, and cryptocurrency firm Wirex have come to a long-term service arrangement. With this change, which the firm described as a critical milestone, Wirex can contact consumers in new markets, focusing on regions like APAC and the U.K.
With the help of this cooperation, the business, which provides card services related to cryptocurrencies, will be able to connect with clients in over 40 countries. The company asserts that in 2015, also in collaboration with Visa, it was among the first to introduce this type of service to popular consumers. The cooperation expands on earlier efforts by Wirex, which earned $15 million in its Series B fundraising round in 2022 and became a significant member of Visa in Europe in 2020.
Users using Wirex cards may use their cryptocurrency to purchase at the 80 million places worldwide where Visa is recognized while also collecting 8% cashback.
According to this deal, the United States constitutes one of the regions that will enable significant collaboration, ostensibly enabling the company to compete more effectively with nearby crypto card businesses. Svyatoslav Garal, regional managing director for Wirex in Asia, complimented Visa for helping to expand access to cryptocurrency.