Finance & Economics

Visa Partners With Wirex to Issue Crypto Debit Cards

The partnership will expand to the U.K. and the APAC.

Visa is taking partnership with crypto platform Wirex to global markets.
Source: Unsplash

Cryptocurrency payments firm Wirex has announced the extension of its partnership with Visa to expand their crypto-linked visa debit card services to a global market.

Wirex is a cryptocurrency payments app that allows users to buy, store, and spend a variety of digital and traditional currencies. The app offers a range of features, including the ability to exchange between currencies, send and receive money from other Wirex users, and use a Wirex debit card to make purchases in both cryptocurrencies and fiat currencies. Wirex also offers rewards and cashback for using their services, as well as access to exclusive cryptocurrency-related content and events.

Matt Wood, head of digital partnerships in Visa’s Asia-Pacific branch, commented on the announcement.

“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.”

Previously, Wirex had trouble with registration in the U.K. in 2020 due to an order from the U.K.’s Financial Conduct Authority (FCA), which required the company to temporarily suspend its operations in the U.K. The FCA had concerns about Wirex’s anti-money laundering (AML) and counter-terrorism financing (CTF) controls and requested that the company carry out a review of its compliance procedures.

As a result, Wirex had to temporarily halt new U.K. customer sign-ups and freeze some of its existing customers’ accounts while it carried out the necessary compliance measures. However, Wirex has since resolved these issues and has been granted full regulatory approval to operate in the U.K. once again.