Global payment giant Visa allowed its users to exchange more than 40 cryptocurrencies for fiat money without third-party services.
Transak, a provider of Web3 infrastructure products, announced a collaboration with Visa. Users of the world’s leading payment giant can convert 40+ cryptocurrencies into local fiat currencies by withdrawing funds from a crypto wallet to a bank card. The service is available to residents of 145 countries.
Crypto-to-fiat conversion uses Visa Direct technology based on the VisaNet global network. Visa Direct enables partners to connect to the Visa network and send payments directly to end-users’ bank cards.
Visa Direct’s transaction processing speed is less than 30 minutes, ensuring that crypto-to-fiat transactions are processed in real-time.
Transak’s infrastructure supports over 350 leading crypto wallets and Web3 games, namely MetaMask, Trust Wallet, Coinbase Wallet, Ledger, Splinterlands, and Decentraland. It’ll make the service widely available.
The companies didn’t specify the exact countries where the service will be available. According to Transak’s official website, the company’s coverage map includes all countries in North America, Western and Central Europe, and most of South America, Australia, and New Zealand.
In August 2023, a technical solution allowing users to pay fees on the Ethereum network using a Visa card was tested on the Goerli network.