Payment service provider Visa is expanding its presence in the crypto space by launching a new service.
This will allow users to convert crypto to fiat without centralized exchanges. Let’s see more about this important news.
Visa Collaborates with Transak for Effortless Crypto-Fiat Transactions
Visa’s new feature is in partnership with Transak, a company focused on payment infrastructure. The collaboration will enable users in over 140 countries to leverage the Visa Direct platform. This will make them easily convert their crypto assets into their local currencies.
So, this means users can withdraw supported coins like Bitcoin from a crypto wallet like MetaMask directly to their Visa debit card. So they can make payments at the over 130 million merchants that accept Visa.
Transak X Visa 💳
Now, millions of users from over 145 countries 🌍 can enjoy the freedom of converting over 40+ Cryptos 🪙to Fiat and deposit funds directly to their @Visa debit cards with @Transak.#TransakXVisa pic.twitter.com/S1edudUDXm
— Transak (@Transak) January 30, 2024
The partnership reportedly supports up to 40 cryptocurrencies. In addition, Transak’s global coverage page lists the United Arab Emirates, Cyprus, Malta, Singapore, Turkey, Portugal, and other countries as among the supported nations.
A Big Win for Crypto Payments
Reacting to the partnership, North America head of Visa Direct and Global Ecosystem Readiness, Yanilsa Gonzalez-Ore, said, “By enabling real-time card withdrawals through Visa Direct, Transak is delivering a faster, simpler, and more connected experience for its users, making it easier to convert crypto balances into fiat.”
In addition, Harshit Gangwar, the lead investor relations representative at Transak and head of marketing, explained that the partnership significantly improves the number of ways to exchange cryptocurrency for fiat. Also, it marks an important turn in linking the crypto and traditional banking worlds.
This is huge even for regulators, as it effectively links your #DeFi wallet address to your bank's debit card
Not so good for privacy & that's why we need a #decentralized payment infrastructure like @retikfinance decentralized visa/mastercard debit card!#Crypto#visa#BTC https://t.co/WurEMIYToY
— IonMind (@Iam_Ionmind) January 30, 2024
Gangwar added that the collaboration is “a major step towards mainstream acceptance and utilization of cryptocurrencies,” as it provides a more convenient way to transact.
Gangwar believes the partnership is also a big win for users who rely on decentralized platforms and wallets. This includes platforms like Trust Wallet, MetaMask, and Ledger. He notes that “MetaMask users can now effortlessly off-ramp directly from their wallet to the Visa card, which enhances the usability and practicality of their digital assets.”
GhIPSS and #Visa have partnered to facilitate digital payments in Ghana.
Expect smoother and more convenient transactions as GhIPSS processes domestic transactions with visa cards issued in Ghana. 💳💸 #DigitalPayments #VisaGhana pic.twitter.com/GQWvj0vHZr
— Node Eight (@AccraDigiCircle) January 29, 2024
One of the core appeals of Visa Direct is its ability to execute transactions instantly. This means that money transfers could potentially be completed in thirty minutes or less, which is a significant improvement over traditional banking methods that frequently take several days.
Visa has made huge accomplishments in the payment space over the past few years. However, the company has turned its focus to cryptocurrencies in recent years. Visa made a significant entry into the cryptocurrency space in 2020 when it teamed up with blockchain startup Circle to enable the USDC stablecoin on specific Visa cards. The company recently announced plans to add Web3 features to its loyalty program.
