Visa Enables Cryptocurrency to Fiat Conversion on Cards in 145 Countries

Visa, in collaboration with Web3 payment infrastructure provider Transak, has enabled the conversion of cryptocurrencies into fiat money on bank cards.

Transak X Visa ?

Now, millions of users from over 145 countries ? can enjoy the freedom of converting over 40+ Cryptos ?to Fiat and deposit funds directly to their @Visa debit cards with @Transak.#TransakXVisa pic.twitter.com/S1edudUDXm

— Transak (@Transak) January 30, 2024

The integration allows digital assets to be withdrawn directly from wallets like MetaMask or Coinbase Wallet and used for payments for goods and services via Visa Direct. The solution enables merchants to connect to the Visa network and receive payments on their own cards.

“By offering real-time withdrawals through Visa Direct, Transak provides a faster, simpler, and more integrated experience for users, simplifying the conversion of cryptocurrency balances into fiat money that can be spent at over 130 million merchant locations where Visa cards are accepted,” a company representative stated.

According to Transak, the service is available in more than 145 countries. The platform supports the exchange of over 40 digital assets, conducts KYC procedures, monitors risks, and complies with regulatory requirements in the interests of clients.

Earlier in 2023, media reported that Visa had postponed plans for cryptocurrency integration following a series of bankruptcies in the industry. However, in April, the company announced it was hiring developers for an “ambitious” digital asset initiative.

Back in September, Visa launched a pilot for merchants to use the stablecoin USDC on the Solana network. The company began testing the use of the “stablecoin” on the Ethereum blockchain two years earlier.