Canadian Firm Nuvei Partners With Visa To Roll Out Crypto-To-Fiat Debit Cards In Europe
Nuvei, a Canadian payments firm, is rolling out crypto-friendly branded Visa debit cards throughout Europe and the United Kingdom. The project is being launched by Nuvei’s subsidiary Simplex, a company that it had recently acquired.
The Canadian company gas teamed up with Visa for the cards.
For its latest venture in Europe and the U.K., Nuvei is using its Visa Principal Membership and EMI license to offer its partner companies the feature of being able to spend cryptocurrencies wherever Visa cards are accepted.
The fiat-to-crypto on-ramp and off-ramp process has been simplified in the new cards with the help of Nuvei’s Simplex Banking. This will develop a unified way for Nuvei’s customers to utilize and spend the funds from their crypto sales.
The rollout of the cards is an important event for the partners and customers of the company, said Philip Fayer, Nuvei’s Chair and CEO.
“The branded Visa debit card is a huge asset to our partners and their users, enabling the immediate and seamless spending of crypto earnings,” he said, “With this program, Visa has played a vital role in expanding the crypto ecosystem by closing the gap between traditional finance and crypto.”
The company had delivered the first lot of the cards in September to COTI. This helped the latter to roll out crypto bank accounts and COTI-branded Visa debit cards.
Merchants on COTI’s blockchain finance network benefitted from enhanced adoption since they can now accept cryptocurrency as a mode of payment following the rollout of the cards.
“Awareness of cryptocurrencies has increasing 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,” said Nikola Plecas, Director, Crypto Solutions, Europe, Visa.
The customers of Nuvei’s partners can use the new debit card to sell their crypto holdings by simply clicking a button in addition to being able to spend the resultant funds at outlets that accept Visa cards. The latest branded cards will allow holders to pay for products and services through their cryptocurrencies, just as they can with traditional currencies.
The partnership between The Nuvei and Visa optimizes cryptocurrency and digital asset payments as clients are now able to close the fiat-to-crypto-to-fiat loop. This process was previously dependent on the partnership and will of the legacy banking system.
Its new branded Visa cards are customized to suit the cryptocurrency space as it meets global compliance standards, said Nuvei’s CEO of Simplex, Nimrod Lehavi. “Thanks to Visa, we have created a straightforward and simple program that is tailored to the crypto industry in terms of compliance, risk, time-to-market, and costs,” he said. “Our Visa card program has already seen huge success across Europe and in the UK.”