Visa is collaborating with crypto-fiat processor Simplex to enable the company to offer crypto debit cards to customers. Presently, Simplex has more than 200 partner companies who can now provide crypto card payment options for their customers.
Market observers say this development will enable greater cryptocurrency adoption. With collaboration with Visa, Simplex is now a major member of Visa Europe.
Improving Simplex’s business-to-business activities
A Simplex spokesperson said the collaboration will improve the firm’s business-to-business activities. It will also Simplex provide the crypto credit card payment services, which gives any Simplex partner the ability to provide a fiat or crypto Visa card.
Simplex founder and chief executive officer Nimrod Lehavi said the collaboration with Visa is a major step towards its plans to enable improved access to digital currencies. The company has always identified with digital currency adoption. Two months ago, the firm added a Tether-to-euro cashout feature to give its users more transaction options.
60 million merchants to benefit from the deal
Following the partnership between Simplex and the card payment giant, more than 60 million Visa network merchants will now receive cryptocurrency exposure.
Simplex was established in 2014 as an EU-licensed financial institution, to make sure that crytocurrency accessible to everyone.
According to the statement announcing the partnership, the deal was described as a cheaper, faster, and more convenient way to make transactions across all its partner networks.
Crypto debit cards have grown increasingly important as a way of offering “fiat-like convenience” when spending cryptocurrencies whether in a physical store or online. The greater use of digital currencies for microtransactions has been one of the ways of measuring crypto adoption. With the crypto debit cards, it will be more convenient for users to spend their crypto funds.
More crypto adoption
One of the main reasons why society still sees fiat payment as the most viable payment option is the difficulty with spending crypto funds. But the story is gradually changing for cryptocurrencies. With the provision of a faster way to spend crypto funds, crypto may achieve a greater adoption level in a very short time, as some experts have observed.
In 2020, several crypto firms rolled out debit cards that allow users to spend the cryptocurrency. The latest entry is the Binance card, which was rolled out for European customers this month. Crypto lender BlockFi also launched its crypto card earlier the same month.