Digital payments platform Wirex announced on Tuesday it has been named a principal member of the Visa Network in Europe. The company revealed it previously completed Visa’s FinTech Fast Track Programme and as a principal member, it will be allowed to issue Visa cards itself.
As previously reported, Wirex is a UK FCA-licenced global digital payment platform that has forged new rules in the digital money arena. The company also claims it is the only platform that allows access to OTC and interbank rates for crypto and traditional currency exchanges respectively, ensuring the platform’s users always get the best deal. The platform recently raised £3,701,909 through its equity crowdfunding campaign on Crowdcube.
Wirex noted that it offers its services to more than three million people across the EEA and APAC regions, and research shows the use of crypto is continuing to grow. Speaking about Wirex’s principal member status, Cuy Sheffield, Senior Director and Head of Cryptocurrency at Visa, stated:
“Digital currencies have the potential to extend the value of digital payments to a greater number of people and places. We’re excited to work with innovative Fintechs like Wirex and enable their customers to use digital currencies at more than 61 million merchants on the Visa network.”
Pavel Matveev, CEO and Co-Founder of Wirex, further commented:
“It’s been our core goal to unite the traditional and digital economies, and collaborations with trusted global payments companies such as Visa are making this possible by providing straight and cost-effective solutions for utilising crypto in the everyday. It’s no easy feat to achieve principal membership and will present numerous opportunities to continue developing a revolutionary product.”
Wirex added it has a long-standing partnership with Visa, having worked together to ensure Wirex was the first company in the world to issue a contactless crypto-enabled debit card in 2014