Payment card giant Visa is expanding its collaboration with Wirex towards enhancing the adoption of Web 3 payments across the UK and the European Economic Area. By integrating Visa cards and reducing payment friction, this partnership promises reliable payment services through Visa’s payment network.

Integration of Blockchain and TradFi

According to the official announcement, central to the partnership is the introduction of Wirex Pay, a modular Zero Knowledge (ZK) payment chain. Wirex Pay aims to simplify how users manage and spend cryptocurrencies and traditional currencies by providing a way to handle funds. This product reportedly enhances payments by enabling transactions between blockchain technology and traditional finance.

Speaking about the expanded collaboration, Sviatoslav Garal, the Global Head of Payments at Wirex, said: “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 decentralization, the need for robust solutions for global funds movement remains essential. Key ecosystem players like Visa play a tremendous role in this shift.”

Visa has promised to support Wirex’s expansion in existing markets by utilizing Visa’s assets and capabilities. Wirex is a crypto-native company with Visa principal license capabilities for card issuance.

Expect ongoing updates as this story evolves.

Source