Visa, the global payment giant, is teaming up with Web3 infrastructure provider Transak to introduce a groundbreaking feature: cryptocurrency withdrawals and payments through Visa Direct. This integration brings forth a seamless experience, allowing users to convert cryptocurrencies into fiat currencies and make payments at over 130 million merchant locations worldwide where Visa is accepted.
With this new collaboration, users can now withdraw cryptocurrencies like Ethereum directly from wallets such as MetaMask or Trust Wallet to their Visa debit cards, eliminating the need for centralized exchanges.
Yanilsa Gonzalez-Ore, Visa Direct’s North America Head, emphasized the advantages of this partnership. She mentioned, “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.”
Harshit Gangwar, Transak’s Marketing Head and Investor Relations Lead, highlighted the significance of this collaboration in bridging the gap between crypto and traditional finance. This partnership allows users from 145 countries to directly convert a variety of cryptocurrencies to fiat without relying on centralized exchanges.
Transak’s involvement ensures compliance with regulations and facilitates legal transactions. The platform holds licenses in multiple jurisdictions, such as Malta and Singapore, and employs Know-Your-Customer and Anti-Money Laundering technology to verify users and ensure secure transactions.
Visa’s increasing engagement in the cryptocurrency industry is evident, with initiatives like launching a web3 customer loyalty program, collaborating with Circle to support the USDC stablecoin on specific Visa cards, and extending support for USDC payments settled on the Solana blockchain. This move reflects Visa’s commitment to embracing the evolving landscape of digital currencies.
