Web3 payment platform Wirex joins forces with the leading fiat payment giant Visa, opening doors to new opportunities by simplifying businesses’ integration process through Visa. The announcement of the partnership coincides with the launch of a new app by the Web3 firm, Wirex Pay.
Wirex Pay enables seamless transactions
Based on the zero-knowledge (ZK) protocol, Wirex Pay will facilitate users in the UK and the European Economic Area (EEA). The official press release reveals that the newly launched app represents fintech innovation by revolutionizing how users spend and manage their fiat and crypto funds. By enabling seamless transactions between crypto and traditional finance, the Wirex-incubated payment channel will also reduce friction costs.
Visa’s advanced and extensive global payment processing network will benefit the growth of crypto payments. Similarly, the Web3 payment operator, already facilitating over 6 million users across 130 countries, will also capitalize on the trust and confidence Visa has built to onboard new users.
For example, Wirex is a crypto-native company that holds Visa’s principal license to issue cards. The partnership, which aims to link traditional business systems with blockchain technology for faster transactions, will also drive support for the crypto payment channel in Visa’s existing market while leveraging Visa’s assets and financial capabilities.
While speaking on the integration, head of crypto at Visa, Cuy Sheffield, commented:
Partnering with Wirex to help integrate blockchain technology with traditional finance, including the launch of Wirex Pay, aligns closely with our vision for the future of payments while highlighting the importance of collaboration in driving fintech innovation,
This is not the first time Wirex has integrated with a fiat payment channel. In July 2020, the company announced securing principal membership in the traditional payment firm Mastercard. In other words, the membership points to Wirex’s authority to issue payment cards directly as the first crypto-focused platform. It represents Wirex’s clear vision to make crypto transactions accessible in the mainstream.
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