Nuvei, through its subsidiary – Simplex crypto, in partnership with Visa has launched crypto-friendly debit cards in the EU. It aims to simplify the fiat-to-crypto process in an effort to help consumers use and spend the funds from their crypto earnings.
Philip Fayer, CEO of Nuvei, said the branded Visa debit card is a huge asset to their partners and their users. It enables the immediate and seamless spending of crypto earnings, he said. The executive lauded Visa’s role in expanding the ecosystem by making attempts to close the gap between the traditional finance sector and the cryptocurrency industry.
Nikola Plecas, Director of Crypto Solutions, Visa Europe, believes that the awareness of cryptocurrencies has increased significantly across Europe. This, he says, can be seen in increased adoption as more people look to access digital currencies. “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 Canadian payments firm’s infrastructure allows users to buy and sell crypto with credit and debit cards. Its proprietary fraud and risk management tools ensure a zero-chargeback guarantee to merchant partners.
Through the partnership, Nuvei will use the Visa Principal Membership and EMI license to provide partner firms with a unified way for individuals to utilize and spend funds from their crypto sales wherever Visa is accepted.
The timely collaboration comes at a time when crypto debit and credit cards are in high demand in developed countries. This also demonstrates the increasing use of cryptocurrencies in line with fiat currency as a medium of exchange. People, in a number of countries, can now use their cryptocurrencies to pay for goods and services just like they use the dollar or pound.