Visa Enters Strategic Partnership with Crypto Payments Wirex

Expansion of cryptocurrency services in Asia Pacific and UK

Wirex, which provides crypto asset (virtual currency) payment services, announced on the 13th that it has formed a new partnership with payment giant Visa. Wirex will be able to issue cryptocurrency debit and prepaid cards in over 40 countries around the world.

Specifically, it is a form of signing a long-term strategic global partnership, and Wirex will become a Visa member in the Asia Pacific region (APAC) and the UK.

The two companies have been working together for some time, with Wirex holding a cryptocurrency Visa debit card in the US and a Visa principal member membership in Europe.

The new partnership will see Wirex and Visa working together in key markets such as APAC and the UK, in addition to Europe and the US. By issuing a Visa card, Wirex will be able to use virtual currency in everyday situations, and it will also be possible to introduce new projects using blockchain on a trial basis.

Wirex is a UK-based company that provides cryptocurrency payment apps. It has a customer base of over 5 million and is growing rapidly in the APAC region. The app handles more than 30 brands, including Bitcoin (BTC) and Ethereum (ETH), and also offers a “Cryptoback” program that returns up to 8% for each purchase made by users.

Matt Wood, Head of Digital Partnerships Asia Pacific at Visa, commented:

Partnership with Mastercard

Visa competitor Mastercard is also aggressively entering the cryptocurrency business. In 2020, Wirex became the first cryptocurrency company to grant a “principal membership,” which gives it the power to issue cards directly.

Mastercard said at the time that there was growing interest in and investment in cryptocurrencies. Since retail stores and financial institutions are also exploring the possibility of cryptocurrency payments, fintech companies will also be able to quickly issue mastercards.

connection: Mastercard Expands Support for Cryptocurrency Companies to Realize Diversification of Payments

Positive attitude toward Metaverse and NFT

In addition to virtual currency, Visa is showing its intention to enter Web3 as a whole, including NFTs (non-fungible tokens) and Metaverse.

In October 2022, we are applying for a digital wallet that can handle virtual currencies and NFTs, and a trademark registration with the Metaverse in mind. “Providing a virtual environment where users can interact in the virtual world” was also listed as one of the items.

In March 2022, an NFT creation support program for creators such as musicians and designers will also be launched.

connection: Apply for trademark registration related to Visa, NFT and Metaverse

Visa argued on VISA NAVIGATE, a site that provides the latest information on digital commerce, that the Metaverse will become important in the future for service delivery, sales and marketing, especially for the younger generation.