The agreement says that Wirex will become a member of Visa in the UK and APAC (Asia-Pacific). This will allow the crypto payments company to offer its services in 40 countries.
Wirex Will Go After Tech-Savvy And Richer APAC Clients
Wirex’s prepaid and debit cards accept payments in more than 250 cryptocurrencies, such as ETH, BTC, MKR, DOT, LTC, MATIC, and SOL. In July 2022, it added ALGO as an alternative payment method.
With the new Visa partnership, more merchants in Asia can accept crypto payments from Asian customers. As of August last year, more than half of the people who reside in the region use the internet.
A recent study shows up to 7% of APAC residents’ investment portfolio comprises crypto. A recent analysis from BitPay revealed that Bitcoin was utilized for significant transactions in 2022, which increased the possibility of wealthy customers shopping at a retailer that accepts Bitcoin payments.
The Wirex and Visa alliance is looking to leverage Wirex’s massive market in the United Kingdom, which includes 5 million clients. The move will also increase Wirex’s reach into the rapidly growing APAC region.
According to the company’s whitepaper, Wirex complies with the Electronic Money Regulations 2017 by being registered with the Financial Conduct Authority (FCA) in the UK.
Acceptance Of Crypto Payments Varies In Asia
Even though residents of the APAC region are often well-versed in technological matters, Wirex is expected to have difficulty marketing the usage of its card in several countries located in the Southeast region. The Thailand Securities and Exchange Commission banned cryptocurrency payments in December 2017.
It cited concerns that it could be used for illegal activities such as money laundering. However, the regulator emphasized that the ban does not apply to trading.
In 2018, the National Bank of Cambodia, the Securities and Exchange Commission of Cambodia, and the General Commissariat of the National Police issued a joint statement mandating crypto trader licenses. Similarly, the Vietnam Government prohibits cryptocurrency payments. Chainalysis’ 2022 Geography of Cryptocurrency Review shows that the country had the most significant crypto adoption rate in 2022.
China has the harshest crypto ban on this continent. The state bans cryptocurrencies and promotes centralized digital money in advanced experiments.
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