Visa Partners Wirex to Offer Crypto Payment Services to Merchants Globally
Crypto payments are still not as popular as other Web3 services due to the volatility of crypto assets and the lack of services that allow and accept payments in crypto currencies. Card payment giant Visa is exploring the crypto payments sector on a global level and is coming up with various ways to facilitate crypto payments. In the latest development, Visa has partnered with Wirex to provide crypto payment services to merchants worldwide. Wirex is an alternative to banking that allows people to process transactions in traditional currencies as well as through crypto assets.
The London, UK-based company confirmed this partnership with Visa on July 16 via a series of posts on X. According to the announcement, Visa will make its extensive and established network available to Wirex, and Wirex will leverage its crypto payment services for Visa’s merchant user base.
“Working with Wirex to 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,” Visa’s Head of Crypto Cuy Sheffield was quoted by Wirex as saying in a statement on the development.
6/ This partnership significantly expands Wirex Pay’s potential and sets a new standard in the payments industry.
Stay tuned for more exciting updates! :rocket:
— Wirex Pay :first_place_medal::credit_card: (@wirexpaychain) July 15, 2024
App chain launch seals the deal
Wirex has designed a special payment app chain, called Wirex Pay, to conduct crypto transactions. The development and testing of this Polygon-based chain was initiated by Wirex last year, the team said in a blog post published in September 2023.
“Wirex Pay is built on Zero-Knowledge technology, which allows for compatibility with the Ethereum Virtual Machine (EVM). It is designed for fast transactions, ensuring users experience fast and efficient payments. It offers near-instant and secure interoperability with all other Polygon chains,” the post explained at the time.
The Wirex Token (WXT) will be the native token for processing gas fee transactions on Wirex Pay. According to the company’s announcement on X, the mainnet launch of Wirex Pay is imminent. The exact date of the launch is still unclear.
“Together, Visa and Wirex are committed to developing projects that integrate blockchain technology with traditional financial systems. Visa will support Wirex’s growth in existing markets through enhanced marketing efforts, leveraging Visa assets and capabilities,” the company said. official press release about the noted development.
Visa and Wirex Continue DeFi Experimentation
Wirex claims to serve over six million users in 130 countries, including India. In 2022, Wirex had extended its non-custodial Wirex Wallet service in India, in an effort to help push DeFi toward mass adoption. Whether Wirex is FIU-registered in India is also unclear for now.
As for Visa, the US card payment giant regularly experiments with the Web3 sector, mainly through partnerships.
In January, for example, Visa partnered with Web3 company Transak to refine its crypto payments service.
Before stepping down as CEO in 2023, Visa’s Al Kelly said blockchain-based stablecoins and the concept of central bank digital currencies (CBDCs) would stick around and become part of existing global financial systems.
