The web3 application Wirex and the electronic payments company Visa have formed a solid partnership to revolutionize the world of crypto cards. With the launch of the Wirex Pay service, users can now take advantage of Wirex’s cryptographic services using Visa cards for payments.
This move is aimed at exploring new opportunities in the digital asset sector in the United Kingdom and the European Economic Area (EEA).
However, it is not the first time that the two companies have collaborated in this direction: the first connections date back to 2020.
Let’s see everything in detail below.
Visa and Wirex launch Wirex Pay and lead innovation in payments through crypto cards
Yesterday Wirex and Visa announced a strategic collaboration that will bring efficient digital payments via crypto cards to millions of merchants, introducing Wirex Pay.
This is a new web3 service that leverages the modular technology of “Zero Knowledge” (ZK) to enable economical and seamless transactions.
It is worth noting how blockchain operations through ZK proofs also offer greater privacy to users, unlocking incredible potential for electronic currency payments.
The clients of the financial application will soon be able to take advantage of the convenience of Visa cards and the vastness of its network, while continuing to benefit from the cryptographic services of Wirex.
According to the press release, the partnership is mainly aimed at offering more solutions for crypto payments in the United Kingdom and the European Economic Area (EEA).
Over time, the integration of Visa crypto cards into Wirex Pay could reach new horizons and expand worldwide.
1/ Big news! 
Wirex and @Visa are teaming up to drive innovation in #Web3 payments. This partnership is set to revolutionize the way we use digital assets! pic.twitter.com/yxejLTgxQi
— Wirex Pay 
(@wirexpaychain) July 15, 2024
We remind you that Wirex represents one of the main financial services in crypto of the United Kingdom, and has over 6 million customers in 130 countries.
Equipped with a special license to operate alongside Visa, the platform will now be able to leverage the popularity of the partner to support new user onboarding.
The collaboration is aimed at exploring new potential challenges in the crypto card payments sector, offering an accessible and convenient service to everyone.
Regarding the news, Cuy Sheffield, head of the crypto department at Visa, reported the following:
“Collaborating with Wirex to help integrate blockchain technology with traditional finance, including the launch of Wirex Pay, closely aligns with our vision for the future of payments, while also emphasizing the importance of collaboration in promoting fintech innovation.”
A long-term collaboration between the parties
As mentioned, it is not the first time that Wirex and Visa have agreed to promote the digital payments sector with crypto cards.
At the end of 2020, the cryptographic platform became the first member of the Visa Network in Europe, announcing ambitious plans for the following year.
Wirex, which already had 3 million users at that time (now doubled), aimed to achieve a privileged position in the SEE and APAC regions.
The payment card introduced in that context, enabled on the Visa network, allowed spending up to 20 different crypto at 61 million merchants.
After 3 years from the first partnership, the two companies have returned to make headlines when Wirex became a “global partner” of Visa.
This upgrade has allowed the money app web3 to open up to 40 countries worldwide, reaching the Asia-Pacific (APAC) markets, the United Kingdom, Europe, and the USA.
By doing so, Wirex was able to significantly expand its user base, which at the time reached 5 million users, offering innovative cryptographic products on multiple global exchanges.
At the same time, the company has opened up to various pilot initiatives blockchain, unlocking unexplored technological potentials that make the crypto card sector increasingly competitive with traditional payment services.
The latest innovation in “Zero Knowledge” proofs enabled by Wirex cards introduces new challenges oriented towards privacy and transaction efficiency.
Compared to 2020, Wirex is now able to potentially reach about 80 million merchants (+19 million), with further prospects for future growth.
After the latest news yesterday, Sviatoslav Garal, global head of payments at Wirex, stated that:
“ In a moment when the financial world is moving boldly towards Web3 and decentralization, the need for solid solutions for the global movement of funds remains essential. The main players in the ecosystem like Visa play an extraordinary role in this change. Wirex, a renowned innovator in both Web3 and traditional finance, is excited to collaborate with Visa to bridge the gap between these two spaces.“
The best crypto cards available enabled for Visa and Mastercard circuits
The Wirex card is not the only electronic payment option in crypto linked to traditional circuits like Visa or Mastercard.
Although the cryptocurrency company based in Lithuania was the first to open the doors to this sector with the first steps in 2014, now the landscape seems to be much more mature and with many more competitors.
The most well-known crypto card, both for convenience and for the size of the underlying business, is the debit card from Binance.
This allows spending a wide range of coins such as BNB, BTC, ETH, USDT, DOT, ADA, and many others at all Visa-enabled ATMs with low fees. Additionally, it features a cashback program that ranges from 1% to 8%.
Other card options from centralized exchanges come from competitors Bybit, Bitget, Coinbase, and Crypto.com. All their debit cards perform the same functions as Binance’s, with similar fees and economic incentives.
Outside of the CEX, there are many other crypto card services that offer additional advantages such as the absence of KYC, the possibility to operate from a proprietary wallet, and DeFi connections.
For example, the next card of Etherfi, platform of Ethereum restaking, will allow users to spend their crypto put as collateral using a loan at a favorable rate.
Same mechanism also for Nexo, which however features a centralized interface similar to that of the exchanges.
Very interesting also the card of Monolith which uses a non-custodial wallet to store the crypto that will then be converted and spent on the Visa circuit.
Among the best NO KYC cards, meaning they do not require the “know your customer” check, there are lesser-known options like Naka and Solcard.