Visa: You Can Now Withdraw Crypto Via Debit Card and Receive Cash | BitPinas

Visa: You Can Now Withdraw Crypto Via Debit Card and Receive Cash | BitPinas

Time Stamp: January 31, 2024 10:34 PM
Source Node: 3091919
  • Visa collaborates with web3 infrastructure provider Transak to introduce cryptocurrency withdrawals and payments through Visa Direct.
  • Users in over 145 countries can now convert more than 40 cryptocurrencies to fiat directly deposit funds to their Visa debit cards and access 130 million Visa-accepted merchant locations.
  • The integration allows users to withdraw cryptocurrencies directly from wallets, providing an alternative method for exchanging crypto to fiat currencies.

Nearly a year following the rollout postponement of Visa’s crypto-related products, the global payments leader has a new collaboration with web3 infrastructure provider Transak. This partnership aims to introduce cryptocurrency withdrawals and payments through Visa Direct, providing an additional way for exchanging crypto to fiat currencies.

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Visa x Transak

In January 30, Transak announced a partnership stating that users in over 145 countries—such as Cyprus, Malta, Singapore, Turkey, Portugal, and the United Arab Emirates—can now convert more than 40 cryptocurrencies to fiat and directly deposit funds to their Visa debit cards.

Moreover, the integration will allow users in supported countries to withdraw cryptocurrencies directly from a wallet to a Visa debit card without relying on centralized exchanges. 

In addition, according to the firms, these functionalities will be immediately accessible, allowing users to access services at 130 million Visa-accepted merchant locations.

“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,” Visa Direct’s North America Head Yanilsa Gonzalez-Ore stated.

The Visa Direct program allows third-party providers to connect to Visa’s network, facilitating direct routing of payments onto Visa cards.

In a report from Cointelegraph, Transak marketing head and investor relations lead  Harshit Gangwar stated that collaboration between Transak and Visa marks a significant advancement in bridging the gap between the crypto and traditional finance realms. 

“This is a major step towards mainstream acceptance and utilization of cryptocurrencies. MetaMask users can now effortlessly off-ramp directly from their wallet to the Visa card, which enhances the usability and practicality of their digital assets,” he noted.

Visa in the Crypto Space

Last March, Visa and Mastercard temporarily halted their collaboration with cryptocurrency firms in light of the current bear market conditions and recent crypto market downturns. The companies intend to postpone the launch of certain crypto-related products and services until market conditions and regulatory environments become more favorable. 

In 2022, Visa initiated a non-fungible token (NFT) creator program aimed at integrating small businesses into the digital economy. The program offered selected creators a year-long NFT immersion experience, providing support for small business owners in sectors such as music, fashion, and film to expand their operations through NFTs.

The firm also applied for a patent outlining the creation of a digital currency on centralized computers, with a focus on a potential central bank use case. The patent, filed in November 2019, aims to combine the advantages of cryptocurrency with the stability of fiat currency provided by central banks.

In 2018, Visa unveiled B2B Connect, a blockchain-based payment platform designed to facilitate seamless cross-border business-to-business transactions worldwide. The platform aims to reduce processing times and mitigate fraud risks. During the pilot phase, local bank Union Bank of the Philippines participated. 

Transak in PH

In early 2023, Pitaka, a Filipino-developed digital wallet by Tetrix, integrated Transak to enhance crypto transactions. The collaboration allows users to purchase crypto directly with Philippine pesos using various payment methods within the app. 

This article is published on BitPinas: Visa: You Can Now Withdraw Crypto Via Debit Card and Receive Cash

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