Wirex, a leading crypto payments platform, has signed a long-term strategic global partnership with payments company network, Visa. This includes becoming a member of Visa in APAC and the UK that will allow Wirex to directly issue crypto-enabled debit and prepaid cards themselves to over 40 countries.
The new Visa partnership allows Asian consumers to spend crypto at a growing number of APAC merchants. More than half of the region’s population have become active internet users as of August last year. Up to seven percent of an APAC resident’s investment portfolio is allocated to crypto.
About Agreement
The agreement between Wirex and Visa includes becoming a member of Visa in APAC and the UK that will allow us to directly issue crypto-enabled debit and prepaid cards ourselves to over 40 countries. It will also support further collaboration in major markets, including APAC, UK, Europe and the USA, by enabling Wirex to offer new innovative products to utilise crypto in the everyday, improve user-experience and pilot new blockchain initiatives.
It’s great news for new and existing customers, given that our largest customer-base is in the UK and we’ve seen rapid growth in APAC, and we hope that the partnership will continue helping us to empower everyone to access the benefits of crypto.
The announcement builds on the two companies’ existing relationship of a crypto-linked visa debit card in the U.S. and Wirex holding principal membership status with Visa in Europe. In 2015, according to Wirex, it became the first company in the world to develop a crypto-enabled card that allowed users to buy or sell multiple traditional and cryptocurrencies.
With this expansion the London-based Wirex, which has over 5 million customers, will now be able to directly issue crypto-enabled debit and prepaid cards to over 40 countries. While its largest customer-base is in the U.K., Wirex had previously withdrawn the U.K. Financial Conduct Authority’s (FCA) temporary registration regime ahead of a deadline to obtain full registration which meant it would serve U.K-based customers via a subsidiary licensed in Croatia.
The new Visa partnership allows Asian consumers to spend crypto at a growing number of APAC merchants. More than half of the region’s population have become active internet users as of August last year. Up to seven percent of an APAC resident’s investment portfolio is allocated to crypto.
Crypto payments also attract a more affluent clientele who otherwise would not patronize a retailer. A recent BitPay report suggested that Bitcoin was used for large purchases in 2022, increasing the likelihood of wealthy customers frequenting a retailer accepting Bitcoin payments.
