In the realm of Web3 services, crypto payments have yet to gain the same level of popularity as other services due to the volatility of crypto assets and the limited number of platforms that facilitate transactions and settlements in cryptocurrencies. However, major players in the financial industry, such as Visa, are beginning to explore and invest in this sector to bridge the gap.
Visa, a leading card payments giant, has recently announced a partnership with Wirex to bring crypto payment services to merchants worldwide. This collaboration aims to leverage the strengths of both companies, with Wirex offering an alternative to traditional banking by enabling users to conduct transactions in both fiat currencies and cryptocurrencies.
Wirex has developed a specialized payment app chain called Wirex Pay, designed to facilitate crypto transactions. This Polygon-based chain incorporates Zero-Knowledge technology, ensuring compatibility with the Ethereum Virtual Machine (EVM) for rapid and efficient transactions. Additionally, Wirex Pay will utilize the Wirex Token (WXT) as the native token for processing gas fee transactions.
Expanding Market Reach
With over six million users across 130 countries, including India, Wirex aims to expand its presence in existing markets through enhanced marketing efforts and collaborations with Visa. The exact launch date of Wirex Pay’s mainnet remains uncertain, but the company is committed to integrating blockchain technology with traditional financial systems.
Visa’s Focus on Web3 Innovations
Visa’s partnership with Wirex is just one example of the company’s foray into the Web3 sector. By experimenting with blockchain technology and crypto payment services, Visa is positioning itself to adapt to the evolving financial landscape. Former Visa CEO, Al Kelly, emphasized the potential of blockchain-based stablecoins and central bank digital currencies (CBDCs) as integral components of the global financial system.
The collaboration between Visa and Wirex signals a significant step towards mainstream adoption of crypto payments, offering users a seamless and secure way to conduct transactions using both traditional and digital assets. As both companies continue to innovate and expand their offerings, the future of payments is set to undergo a transformative shift towards greater integration of blockchain technology and decentralized finance.
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