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Simplex joins Visa network as a designated principal member
FXC Intelligence Research Analyst Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
Simplex, an Israeli firm that permits customers to buy digital currencies using a credit card, is now part of the Visa network of principal members.
This development means that customers of Simplex can now receive Visa-branded cards from Simplex, which they can then use for goods and services.
Visa welcomed the arrival of Simplex to the network, and praised the “simple, secure and compliant conversions” that Simplex facilitates between traditional and digital currency options.
Simplex Named Principal Member of Visa in Europe
Simplex,an EU-licensed financial institution that provides the fiat infrastructure for the cryptocurrency industry, announced on Tuesday it has approved for principal membership to the Visa network. According to Simplex, the approval represents a “pivotal” move-in enabling digital currency users the ability to access their funds for everyday use.
“Through its principal membership, Simplex will be able to offer new solutions to the complex limitations users of digital currency face when trying to withdraw cryptocurrencies from their preferred vendor. As a principal member of the Visa network and licensed financial institution, Simplex will be able to directly issue debit cards to partners’ users, offering convenience, reduced costs, and faster transactions across their entire partner network.”
The company already became a principal member of Mastercard earlier this year.
Wirex gathered over 3 million users, and team-up with Visa will make it available to millions of merchants.
Visa recently received another principal member in Europe a payments platform Wirex. The platform was approved after successfully completing the Visa’s FinTech Fast Track Program.
Visa’s newest principal member
Wirex is a UK-licensed payments firm, which now has permission to issue Visa cards. More than that, it can also sell any related products, and even apply for additional licenses.
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VISA Grants Principal Certification to Crypto Payment Firm Wirex
Last Updated: 23 December 2020
Payment processor VISA has been making significant partnerships with several crypto firms of late, strengthening its foothold in the industry. In its recent collaboration, the company has granted London-based crypto payment firm Wirex a place on its principal member’s list.
Opportunities Available for Wirex
A press release published earlier this week confirmed that Wirex, the London-based crypto payments firm, has become a principal member of VISA’s European network. Wirex received the certification after it completed VISA’s Fintech Fast track Programme. With the principal membership secured, Wirex is now free to embark on some of its lofty plans for 2021.
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