Visa Broadens Alliance With Wirex To Bolster Web 3 Payments In Europe

Wirex, a top Web3 money application, and Visa, a global leader in digital payments, expanded their partnership. The move aims to increase the use of digital currencies in the European Economic Area and the United Kingdom.

According to the update, Wirex has officially announced the launch of Wirex Pay, a new flexible Zero Knowledge (ZK) payment system, as part of its collaboration with Visa.

Wirex Pay Will Offer Users A Simplified Way To Handle Regular And Digital Currencies

The payment system will make it easier for users to handle and spend cryptocurrencies and regular money by offering a method to manage funds. Wirex said the new system will enhance payments by allowing transactions between traditional finance and blockchain technology.

Sviatoslav Garal, Wirex’s Global Head of Payments, spoke about the expanded partnership. He revealed that Wirex is one of the few cryptocurrency-native companies that have received a card issuance license from Visa. He noted that the company is the first key member of Visa’s Europe network. Wirex is a leader in the financial sector.

Garal stated that as the financial world moves confidently towards Web 3 and decentralization, there is a strong need for reliable solutions to move global funds. Major players in the ecosystem, such as Visa, have a big role in driving this change.

Visa has agreed to support Wirex’s growth in the markets where Wirex already does business. Visa will use its resources and expertise to help Wirex expand. Wirex mainly works in the cryptocurrency industry.

Wirex Continues To Develop Financial Service Solutions In The United Kingdom

Wirex recently partnered with OpenPayd, which offers embedded finance and banking services. The alliance aims to provide financial services to customers in the United Kingdom and the European Economic Area. Both companies said this partnership will improve quick, safe, and simple payment options.

The agreement allows OpenPayd to offer Wirex users named virtual IBANs in over 30 countries across the United Kingdom and the European Economic Area. These virtual IBANs let them use the region’s Faster Payments network and make instant European transactions within the Single Euro Payments Area for deposits and withdrawals.

At the beginning of this year, Wirex started using ZeroFox’s monitoring tools to fight against threats from money mule accounts and dark website activities. This service uses human and artificial intelligence to search dark websites for risks like fake credentials and leaked data.

The company has more than 5 million customers in 130 countries. It offers safe accounts where customers can instantly store, trade, and buy multiple currencies at the best rates. It also gives fast and easy options for transferring cryptocurrencies.