Nuvei, through its subsidiary Simplex, has made further use of its Visa Principal Membership and EMI license as it launches crypto-friendly Visa debit cards to provide partner firms with an easy way to spend crypto anywhere Visa is accepted.
In combination with Nuvei’s Simplex Banking, the new cards simplify the fiat-to-crypto on-ramp and off-ramp process, creating a unified way for individuals to utilise and spend the funds from their crypto sales.
Nuvei’s Chair and CEO, Philip Fayer described the rollout of the cards as an important development for the firm’s partners and their 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.”
Nikola Plecas, Director, Crypto Solutions, Europe, Visa, said: “Awareness of cryptocurrencies has increased 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.”
The first batch of cards were delivered to COTI in September, enabling the latter to launch crypto bank accounts and COTI-branded Visa debit cards. Partnering with Nuvei, merchants on COTI’s blockchain finance network stand to benefit from increased adoption as a result of being able to accept cryptocurrency as a payment option.
For the customers of Nuvei’s partners, the use of the debit card allows them to sell their crypto holdings at the click of a button, while being able to spend the resultant funds instantly anywhere that Visa is accepted. Using the branded cards, customers effectively gain the same spending power with their crypto holdings as they would with traditional currencies.
The Nuvei-Visa collaboration stands to optimise cryptocurrency and digital asset payments by offering clients a way to close the fiat-to-crypto-to-fiat loop, a process that previously depended on the cooperation of the legacy banking system.
Nuvei’s CEO of Simplex, Nimrod Lehavi, said the branded Visa cards were tailor-made for the cryptocurrency space by meeting global standards of compliance.
“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.”