Nuvei, through its Simplex brand, continues to use its Visa Principal Membership and EMI licence to enable partner firms with a simple method to spend crypto anywhere Visa is accepted, after providing crypto-friendly debit cards to blockchain finance ecosystem COTI in recent months.
The new cards, when combined with Nuvei’s Simplex Banking, simplify the fiat-to-crypto on-ramp and off-ramp process, giving people a uniform way to use and spend the proceeds from their coin sales.The launch of the cards, according to Nuvei’s Chair and CEO, Philip Fayer, is a significant step forward for the company’s partners and customers.“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.”
According to Nikola Plecas, Director of Crypto Solutions for Visa Europe, “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.”
COTI received the first batch of cards in September, allowing it to open crypto bank accounts and COTI-branded Visa debit cards. Merchants on COTI’s blockchain finance network will benefit from increased adoption as a result of being able to accept cryptocurrencies as a payment option thanks to their partnership with Nuvei.
Customers of Nuvei’s partners can use the debit card to sell their crypto holdings at the touch of a button and spend the proceeds instantly anyplace Visa is accepted. Customers gain the same spending power with their crypto holdings as they would with traditional money when they use the branded cards.
The Nuvei-Visa partnership aims to improve cryptocurrency and digital asset payments by providing clients with a mechanism to close the fiat-to-crypto-to-fiat loop, a process that previously relied on the legacy banking system’s cooperation.
Nimrod Lehavi, Nuvei’s CEO of Simplex, claimed the branded Visa cards were “tailor-made” for the cryptocurrency market, fulfilling worldwide regulatory standards.
“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.”
What is Nuvei?
Nuvei is the global payment technology partner of thriving brands. Through a single integration, we give organisations with the intelligence and technology they need to flourish locally and worldwide, propelling them further and quicker. We help businesses remove payment barriers, reduce operating expenses, and enhance acceptance rates by combining payment technology with consulting. Our patented technology connects merchants with their customers in over 200 regions around the world, with local acquiring in 45 of them. Merchants can take advantage of any payment opportunity with support for over 500 local and other payment methods, approximately 150 currencies, and 40 cryptocurrencies. Our goal is to turn the world into a small town.
What Is Visa?
Visa Inc., headquartered in Foster City, California, is an American international financial services firm. It supports electronic funds transfers all around the world, with Visa-branded credit cards, debit cards, and prepaid cards being the most frequent methods.