Wirex, a Web3 money app, is partnering with digital payments giant Visa to further the use of digital currencies in the UK and the European Economic Area (EEA).
As part of the partnership, Wirex is also launching Wirex Pay, a new modular Zero Knowledge (ZK) payment chain designed to change how users manage and spend traditional currencies, as well as crypto.
The new 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.
Svyatoslav Garal, global head of payments at Wirex
Svyatoslav Garal, global head of payments at Wirex, commented: “Being among the few crypto-native companies licensed by Visa for card issuance, and notably the first principal member of Visa Network in Europe, emphasises 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.”
This collaboration between Wirex and Visa will explore new opportunities to leverage and integrate Visa cards and reduce friction in payment experiences.
Visa and Wirex explained they 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.
“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,” concluded Cuy Sheffield, head of crypto at Visa.
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