Visa And WireX Join Forces To Drive Crypto Adoption In Europe And The UK

Payments giant Visa has joined forces with Wirex to foster the adoption of Web3 payments across the UK and the European Economic Area (EEA), on 15 July 2024.

The partnership, which integrates Visa cards into Wirex’s ecosystem, aims to minimize payment friction and provide reliable services via Visa’s extensive payment network, the two companies said press release.

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Bridging Blockchain and Traditional Finance

At the heart of the collaboration is the launch of Wirex Pay, a modular Zero Knowledge (ZK) payment chain. Wirex Pay is designed to streamline the management and expenditure of both crypto and traditional currencies. It facilitates seamless transactions by bridging blockchain technology with traditional financial systems, enhancing the efficiency and security of payments.

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— Wirex (@wirexapp) July 15, 2024

“Being among the few crypto-native companies licensed by Visa for card issuance, and notably the first principal member of Visa Network in Europe, emphasizes Wirex’s pioneering role in the financial industry,” Sviatoslav Garal, Global Head of Payments at Wirex, said.

“As the financial world transitions towards Web 3 and decentralization, robust solutions for global funds movement are crucial, with key players like Visa playing a pivotal role in this shift,” Garal said. 

Wirex is a crypto-native firm with a Visa principal license for card issuance. The firm has been enhancing its capabilities to expand crypto adoption.

Recently, Wirex partnered with OpenPayd, known for embedded finance and banking-as-a-service, to bolster its financial service offerings. Again, this collaboration too aims to enhance payment solutions for customers across the UK and EEA.

OpenPayd will facilitate the issuance of named virtual IBANs to Wirex users in over 30 countries, granting them access to the Faster Payments network in the UK and the Single Euro Payments Area (SEPA) for instant Euro-denominated transactions.

Moreover, Wirex has incorporated ZeroFox’s monitoring tools to counter threats from dark web activities and money mule accounts. The initiative, employing both human and artificial intelligence, aims to scan the dark web for potential threats such as leaked data and fraudulent credentials, thereby bolstering security for its users.

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Companies Seek to Simplify Crypto Payments

Similar to the recent initiative by Visa and WireX, a number of other major payment firms have made collaborations to simplify crypto payments.

Last month, Bybit Card, payment solution offered by popular crypto exchange Bybit, integrated Apple Pay to provide its customers with an option for making crypto purchases. The new feature will allow users to enjoy the convenience of using Apple Pay at checkout.

Likewise, crypto payment provider MoonPay has unveiled a partnership with PayPal to allow users in the EU and the UK to buy crypto using PayPal as a payment option.

More recently, cryptocurrency exchange Coinbase inked a partnership with popular payment processor Stripe to offer enhanced fiat-to-crypto on-ramps and off-ramps.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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