Global payment giant Visa is partnering with Web3 infrastructure provider Transak to introduce cryptocurrency withdrawals and payments through the Visa Direct solution.
Global payment giant Visa is partnering with Web3 infrastructure provider Transak to introduce cryptocurrency withdrawals and payments through the Visa Direct solution. This new integration allows users to seamlessly exchange cryptocurrencies for fiat currencies and make payments at over 130 million merchant locations worldwide where Visa is accepted.
The integration enables users to withdraw cryptocurrencies like Ethereum directly from a wallet like MetaMask or Trust Wallet to a Visa debit card. This eliminates the need for centralized exchanges.
Visa Direct's North America Head, Yanilsa Gonzalez-Ore, highlighted the benefits of the partnership, stating:
“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, which can be spent at the more than 130M merchant locations where Visa is accepted.”
Transak's marketing head and investor relations lead, Harshit Gangwar, emphasized the significance of the collaboration in bridging the gap between crypto and traditional finance. The partnership allows users from 145 countries to directly convert at least 40 cryptocurrencies to fiat without relying on centralized exchanges.
Transak's involvement in the integration ensures compliance with regulations and enables legal transactions. The platform holds licenses in multiple jurisdictions, such as Malta and Singapore, and implements Know-Your-Customer and Anti-Money Laundering technology to verify users and facilitate secure transactions.
In recent years, Visa has expanded its involvement in the cryptocurrency industry, including launching a web3 customer loyalty program, partnering with Circle to support the USDC stablecoin on certain Visa cards and rolling out support for USDC payments settled on the Solana blockchain.
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