invezz.com
Nuvei, a financial tech company, will be rolling out branded Visa debit cards in the UK and the EU through a partnership with Visa. Nuvei will be issuing these cards through its subsidiary, Simplex.
The partnership comes a few months after Nuvei issued similar crypto-friendly debit cards to COTI, a blockchain finance ecosystem.
Launching crypto-friendly debit cards
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The cards will implement Nuvei’s Simplex Banking to create a simple way that individuals can utilize and spend funds from their crypto sales. Nuvei will make this offering possible through its Visa Principal Membership and EMI license, allowing partner firms to spend digital assets on Visa-enabled platforms.
The press release quotes the CEO of Nuvei, Philip Fayer, who admits that the cards will be an important development to both customers and affiliated firms.
“The branded Visa debit card is a huge asset to our partners and their users, enabling the immediate and seamless spending of crypto earnings,” Fayer said.
With this program, Visa has played a vital role in expanding the crypto ecosystem by closing the gap between traditional finance and crypto.
The cards seek to make it easy to use cryptocurrencies for payments. As such, these debit cards will allow the customers of Nuvei’s partners to use their crypto holdings instantly wherever Visa is accepted.
The CEO of Simplex, Nimrod Lehavi, noted that the branded Visa cards were customized for the crypto sector, and they had met the global requirements such as “compliance, risk, time-to-market and costs.” He noted that the Visa card program was already a success across Europe and the UK.
Visa partnering for crypto cards
Visa has been making major strides regarding facilitating crypto payments. Nikola Plecas, the Director of Crypto Solutions in Europe Visa, stated that consumers in Europe were increasingly becoming aware of cryptocurrencies.
We are excited to be part of this, and by deepening our relationship with Nuvei further, we are delighted to provide customers with a simple and secure way to spend their crypto.
In September, COTI received its first batch of cards that allowed the platform to launch Visa debit cards branded by COTI and open crypto bank accounts. The cards targeted consumers in the EU and the European Economic Area (EEA).