Visa And Nuvei Will Launch Crypto-Friendly Debit Cards

Visa and Nuvei will launch a crypto-friendly debit card right after COTI, Nuvei is joining forces with the payments giant to roll out a branded card via its subsidiary Simplex as we can see more today in our cryptocurrency news.

The financial tech company Nuvei announced a partnership with Visa to launch crypto-friendly debit cards. The rollout involves a collaboration with the American multinational payment service Visa that will target Nuvei’s partners in the European Economic Area as well as the United Kingdom. Nuvei’s subsidiary Simplex partnered with Visa to enable the clients to launch debit cards back in 2020 with the fiat on-ramp service provider being the key member of Visa’s network. It has permission to release Visa cards, as well as offer consumers, access to digital assets.

According to the announcement, the launch of the cards is expected to simplify the process of fiat-to-crypto on-ramp which should in turn help users utilize and spend the funds from their crypto earnings. Philip Fayer, the CEO, and Chair of Nuvei noted that the launch of Visa debit cards is a crucial development and a huge asset for the partners of the company and their customers. He underscored Visa’s role in expanding the ecosystem by bridging the gap between the crypto sector and the traditional finance sector. While talking about the increase in demand for crypto, Director of Crypto Solutions at visa Europe Nikola Plecas stated:

“Awareness of cryptocurrencies has increased significantly amongst consumers across Europe, resulting in increased adoption as more people look to access crypto. We are excited to be part of this, and by deepening our relationship with Nuvei further, we are delighted to provide consumers with a simple and secure way to spend their crypto.”

The goal behind the collaboration between the two was to optimize crypto and digital asset payments and to also bring users a simpler mechanism to perform fiat-to-crypto transfers since the process depends on the cooperation of the traditional financial system. The debit cards should enable the user base of Nuvei’s partners to sell the crypto holdings while being able to spend the resultant funds without delay in every place where Visa is accepted.

The announcement stated that the customers using the new cards will have the same spending power with the crypto funds as they would usually do with fiat currencies. The first batch of cards was delivered to the COTI fintech platform which allowed the latter to launch crypto bank accounts as well as COTI-based Visa debit cards. The main goal behind the move was to serve as a bridge between crypto and fiat and target customers that were EEA and EU residents.