The world of cryptocurrency payments is slowly gaining traction, yet it still lags behind other Web3 services due to the volatile nature of crypto assets and the lack of widespread acceptance. Visa, a major player in card payments, is delving into the realm of crypto payments on a global scale. In a recent development, Visa has collaborated with Wirex to introduce crypto payment services to merchants worldwide.
Wirex, an alternative to traditional banking, permits users to conduct transactions in both fiat currencies and cryptocurrencies. The London-based company has officially announced its partnership with Visa on July 16, signaling the integration of crypto payment services through Wirex with Visa’s vast network of merchants. This collaboration aims to bridge the gap between blockchain technology and traditional finance, as stated by Cuy Sheffield, Visa’s Head of Crypto.
In order to facilitate crypto transactions, Wirex has developed a dedicated payment app chain called Wirex Pay. This Polygon-based chain, launched last year, is crafted with Zero-Knowledge technology for compatibility with the Ethereum Virtual Machine (EVM). Wirex Pay promises fast and secure transactions, offering near-instant interoperability with other Polygon chains. The native token for gas fee transactions on Wirex Pay will be the Wirex Token (WXT).
The official release mentions Visa’s commitment to supporting Wirex’s expansion in existing markets through enhanced marketing efforts and leveraging Visa’s resources. With Wirex serving millions of users across numerous countries, including India, the collaboration is poised to make a significant impact on the adoption of blockchain technology in the financial sector.
Visa has been proactive in exploring the potential of Web3 technologies, particularly through various partnerships in the crypto space. In early 2023, Visa’s former CEO, Al Kelly, acknowledged the importance of blockchain-based stablecoins and central bank digital currencies (CBDCs) in the future global financial landscape. Visa’s collaboration with Wirex is another step towards embracing the evolving landscape of digital payments.
Overall, the partnership between Visa and Wirex represents a significant milestone in the advancement of crypto payments worldwide. By melding traditional financial systems with blockchain technology, the collaboration aims to usher in a new era of seamless and efficient transactions across borders. As both companies continue to innovate and adapt to the digital age, the future of crypto payments appears brighter than ever.
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