As part of this partnership, Wirex will offer crypto-enabled debit and prepaid cards in over 40 countries, including Bitcoin (BTC), and the two companies are expected to collaborate further in markets such as Europe, the US, and Asia-Pacific. This expansion of crypto payment services is a significant milestone for Wirex, which has over five million customers worldwide, with its largest customer base in the UK and experiencing rapid growth in the APAC region. The partnership will provide more people with the opportunity to benefit from the use of crypto assets as a form of payment, potentially leading to greater acceptance of crypto payments by merchants and further fueling the growth of the crypto industry.
Wirex's expansion
Visa's Head of Digital Partnerships, Asia Pacific, Matt Wood, expressed Visa's goal to offer consumers more payment options by connecting digital currencies with their network of banks and merchants. He is excited about Wirex's expansion in the Asia Pacific region and their efforts to simplify crypto payments, making it easy and seamless for people to spend their crypto balance at the millions of merchants that accept Visa.
Svyatoslav Garal, Regional Managing Director for Wirex APAC, stated that Visa's commitment to safety, security, and innovation will enable Wirex to develop a next-generation app and card. While Wirex's primary customer base is in the UK, the company withdrew from the region's FCA temporary registration regime before the full registration deadline and now serves UK-based customers through a Croatian subsidiary.
Visa has also been expanding its presence in the crypto space by filing trademarks for crypto wallets and the metaverse, as part of its plans to launch new products. In addition, the company launched a no-limit Bitcoin card in the United Arab Emirates in 2022, and partnered with the now-defunct FTX crypto exchange to offer crypto-backed debit cards globally. These efforts demonstrate Visa's commitment to integrating cryptocurrencies into its payments network, and suggest that the company is well-positioned to support Wirex's expansion and growth in the crypto payment space.