Wirex and Visa Expand Partnership to Drive Web3 Payment Adoption

LONDON, July 15, 2024 /PRNewswire/ -- Wirex, the leading Web3 money app, and Visa, a world leader in digital payments, are thrilled to announce a partnership to further the use of digital currencies in the UK and the European Economic Area (EEA).

This collaboration will explore new opportunities to leverage and integrate innovative Visa cards and reduce friction in payment experiences. By combining the strengths of both companies, consumers will have the trust and confidence of Visa's payment network with Wirex's product innovation.

A major highlight of this partnership is the launch of Wirex Pay, the modular Zero Knowledge (ZK) payment chain incubated by Wirex. Wirex Pay is designed to revolutionise how users manage and spend both crypto and traditional currencies. This innovative product aims to simplify transactions, offering a seamless way to handle funds. It showcases fintech innovation by enabling seamless transactions between blockchain technology and traditional finance.

Wirex proudly stands as a crypto-native company holding Visa principal license capabilities for card issuance. Together, Visa and Wirex are committed to developing projects that integrate blockchain technology with traditional financial systems, ensuring smooth and efficient transactions. As such, Visa will support Wirex's growth in existing markets through enhanced marketing efforts, leveraging Visa assets and capabilities.

Sviatoslav Garal, Global Head of Payments at Wirex, remarked, "Being among the few crypto-native companies licensed by Visa for card issuance, and notably the first principal member of Visa Network in Europe, emphasizes Wirex's pioneering role in the financial industry. At a time when the financial world is boldly moving towards Web3 and decentralisation, the need for robust solutions for global funds movement remains essential. Key ecosystem players like Visa play a tremendous role in this shift. Wirex, a renowned innovator in both Web3 and traditional finance, is thrilled to partner with Visa in bridging the gap between these two spaces."

"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," said Cuy Sheffield, Head of Crypto at Visa.

About Wirex

Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly.

As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management.

Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.

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SOURCE Wirex