Visa partners with Web3 Transak company to facilitate crypto-fiat conversions

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  • Transak partners with Visa to facilitate conversions between cryptocurrencies and fiat money
  • Users will be able to transfer their cryptocurrencies directly from MetaMask to their debit cards
  • Transak works in various wallets and accepts more than 40 cryptocurrencies

Payments giant Visa is taking its cryptocurrency efforts a step further by enabling a new way to exchange digital assets for fiat currency without the need for a centralized exchange. 

Visa has partnered with Web3 payments infrastructure provider, Transak, to make cryptocurrency payments and withdrawals easier for users. In particular, it seeks to make conversions between crypto and fiat money easier. 

As part of the alliance, Transak has teamed up with Visa Direct, a global solution for real-time money movement, to allow users to convert cryptocurrencies such as Bitcoin directly from a wallet to a Visa debit card.

The integration allows you to exchange cryptocurrencies for conventional currencies such as dollars and use the funds to pay in commercial establishments around the world where Visa is accepted.

Now, millions of users from more than 145 countries can enjoy the freedom to convert more than 40 cryptocurrencies to Fiat and deposit funds directly to their Visa debit cards with Transak,” the Web3 company announced in a message on X this Tuesday. 

The exchange feature is available for any digital wallet that already uses Transak infrastructure to buy and sell cryptocurrencies. This includes over 350 wallets like MetaMask, TrustWallet, and Ledger.

Transak allows users to buy and sell more than 40 digital currencies, handling know-your-customer (KYC), risk monitoring and compliance requirements on behalf of its clients, which also includes Coinbase Wallet, a report details. from CoinDesk

Visa Direct, which allows third-party providers to connect to the Visa network and route payments directly to Visa cards, allows users to process transactions in less than 30 minutes, meaning they will now also be able to convert their cryptocurrencies into almost fiat money. in real-time, as that publication adds. 

“ By enabling real-time card withdrawals through Visa Direct, Transak offers a faster, simpler and more connected experience for its users, making it easier to convert crypto balances into fiat, which can be spent in over 130 million merchant locations where Visa is accepted ,” Yanilsa González-Ore, North America head of Visa Direct and Global Ecosystem Readiness, said in a statement shared with several news outlets.

Visa has been actively exploring the use of cryptocurrencies and their underlying technology within the payments sector. One of its efforts has been focused on payments with the USDC stablecoin and it has already expressed its intention to make the conversion between digital assets and US dollars as easy as the conversion between foreign currencies.

In mid-2023, the director of the cryptocurrency area for Visa, Cuy Sheffield, announced that the company contemplates “ a fairly ambitious roadmap of cryptocurrency products .”

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