Nuvei and Visa Collaborate to Roll Out Crypto-Friendly Debit Cards
Following a collaboration with Visa, Nuvei Corporation (Nasdaq: NVEI) (TSX: NVEI) is introducing Visa branded debit cards to its clients throughout the European Economic Area and the United Kingdom via its sister company Simplex. Nuvei is a leading provider of payment technology to successful companies worldwide. Through a single integration, the firm offers organizations with the knowledge and technology they need to flourish locally and worldwide — driving them farther and quicker.
Nuvei helps companies eliminate payment obstacles, improve operational expenses, and enhance acceptance rates by combining payment technology with consultancy. The company’s patented technology enables seamless pay-in and payment capabilities, linking merchants and their consumers in over 200 locations globally, including 45 regions with local acquisitions.
Merchants can take advantage of any payment offer that comes their way with integration of more than 500 local and other payment methods, over 150 currencies, and 40 cryptocurrencies. After recently providing cryptocurrency-friendly debit cards to blockchain finance network COTI, Nuvei, under its Simplex brand, continues using its Visa Principal Membership and EMI license to give partner organizations with a simple method to spend cryptocurrency everywhere Visa is accepted.
In conjunction with Nuvei’s Simplex Banking, the new cards streamline the fiat-to-crypto on-ramp and off-ramp processes, providing users with a consistent method for using and spending earnings from their coin sales. Philip Fayer, Chairman and CEO of Nuvei, praised the launch of the cards as a significant step for the firm’s partners and customers.
“The branded Visa debit card is a tremendous benefit to our partners and their consumers, since it enables instant and seamless spending of crypto revenues,” he said. “Through this initiative, Visa has contributed significantly to the growth of the crypto ecosystem by bridging the divide between conventional banking and cryptocurrency.”
“Consciousness of cryptocurrencies has expanded dramatically among consumers throughout Europe, leading in greater adoption as more people want to use crypto,” said Nikola Plecas, Director, Crypto Solutions, Europe, Visa. “We’re thrilled to be a participant of this, and by strengthening our connection with Nuvei, we’re glad to provide users an easy and safe option to spend their crypto.”
COTI received the first batch of cards in September, allowing the company to establish cryptocurrency bank accounts and COTI-branded Visa debit cards. Through this partnership with Nuvei, merchants on COTI’s blockchain finance network stand to profit from greater adoption as a consequence of the ability to accept cryptocurrencies as a payment option.
Customers of Nuvei’s partners may use the debit card to immediately sell their crypto holdings and spend the proceeds anyplace Visa is accepted. Customers essentially get the same spending power with their crypto holdings as they would with regular money when they use the branded cards.
The partnership between Nuvei and Visa aims to improve cryptocurrency and digital asset payments by providing customers with a method for closing the fiat-to-crypto-to-fiat loop, a process that previously required the assistance of the traditional banking system. Nimrod Lehavi, CEO of Nuvei’s Simplex subsidiary, said that the branded Visa cards were designed specifically for the cryptocurrency market, according to worldwide regulatory norms.
“With the assistance of Visa, we’ve developed a basic and uncomplicated product that is geared to the crypto industry’s compliance, risk, time-to-market, and cost requirements,” he said. “Our Visa card scheme has already enjoyed tremendous success across Europe and the United Kingdom.”