- Wirex Joins Visa as a Global Partner and Expands Significantly to 40 Countries.
- The new alliance aims to break into the Asia-Pacific region, where interest in cryptocurrencies is rising despite restrictions in certain nations.
- Given that both Cambodia and Thailand do not accept cryptocurrency payments, Wirex will probably have challenges there.
According to a Monday tweet, the cryptocurrency payments app Wirex, one of the largest crypto payment service providers, has entered into a long-term global strategic partnership with Visa (V), which includes becoming a member of Visa in APAC and the UK, to increase its presence in the region. As a result, Wirex can directly issue debit and prepaid cards that support cryptocurrency in more than 40 nations.
The global collaboration agreement between Visa and Wirex will boost the company’s growth in other markets, including the USA and Europe. The membership will provide Wirex the chance to offer cutting-edge crypto products. The business will also get the opportunity to test-drive brand-new blockchain products.
For Wirex, the partnership represents a critical turning point. Currently, the company boasts more than five million customers, with the UK having the most extensive consumer base. However, the APAC region is also experiencing significant growth, which this partnership is intended to accelerate.
Regional Managing Director of Wirex APAC, Svyatoslav Garal, stated:
“It’s great to strengthen our partnership with Visa, who have played an important role in allowing us to bridge the gap between the traditional and digital economies. Visa’s proven commitment to safety, security, and innovation will help us to continue developing a next-generation app and card.”
According to Matt Wood, Visa’s Head of Digital Partnerships for Asia Pacific:
“Visa wants to bring more payment options to consumers by connecting digital currencies with our network of banks and merchants. We’re excited that Wirex is expanding their focus on Asia Pacific, making it easy and seamless for people to spend their crypto balance at the millions of merchants that accept Visa in the region.”
Wirex and Visa will continue collaborating closely to develop new services and internationalize their card program. Wirex will reveal another considerable cooperation for card issuance in Australia in the upcoming weeks.
Wirex is Increasingly Targeting Affluent and Tech-savvy APAC Clientele
More than 250 cryptocurrencies, including Bitcoin, Ether, Litecoin, MKR, DOT, SOL, and MATIC, are accepted on Wirex’s debit and prepaid cards. Due to a recent Visa partnership, Asian customers can now use cryptoc at many APAC stores. As of August 2022, more than half of the local population was an active internet user. According to Forbes, up to seven percent of an APAC resident’s financial portfolio comprises cryptocurrencies.
Additionally, cryptocurrency payments draw more affluent customers who otherwise wouldn’t shop at a store. According to a recent BitPay analysis, in 2022, Bitcoin was likely utilized for significant transactions, boosting the possibility that wealthy clients would visit a business accepting Bitcoin payments.
Wirex will Probably have Challenges in the Southeast Asian Region
Despite having a tech-savvy population in the APAC area, Wirex will likely encounter difficulties in promoting the use of their card in several Southeast Asian countries
The Thailand Securities and Exchange Commission banned cryptocurrency payments last year due to the technology’s potential to be used for money laundering. It was emphasized that the restriction did not cover trading.
To enforce licenses to all cryptocurrency traders, the General Commissariat of the National Police, the Securities and Exchange Commission of Cambodia, and the National Bank of Cambodia signed a joint statement in 2018.
In addition, the Vietnamese government has decided that cryptocurrencies cannot be used as payment. Nevertheless, the 2022 Geography of Cryptocurrency Report from Chainalysis found that the nation has the highest rate of cryptocurrency adoption.
China currently has one of Asia’s most notorious and severe crypto prohibitions. The government has banned cryptocurrencies and is developing a centralized digital currency, undergoing extensive testing.
Wirex is a regulated organization and global digital payment platform that has established new standards for the industry. The company created the first crypto-enabled payment card in 2015, enabling consumers to utilize digital and traditional currencies in everyday transactions efficiently.
Wirex was established in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev to democratize access to the digital economy. Wirex is well-positioned to assist and encourage the widespread adoption of a cashless society through innovative solutions.
Wirex has more than 5 million customers and rapidly expands into new regions, including the US. The business kept growing its product into the CeFi and DeFi sectors throughout 2021 to mirror the metaverse’s expansion.