The platform’s transaction platform ZipSend, which allows users to pay with their crypto holdings, will be interconnected to Visa’s vast network of 70 million vendors. Zipmex plans to launch a Visa-branded debit card later sometime this year as a result of the collaboration.
Zipmex, which has compliant businesses in Thailand, Indonesia, Singapore, and Australia, now has more than 200,000 users and has recorded more than $1 billion in total transaction volume since its late-2019 debut.
Any future payment product, for example a card, necessitates approval by regulatory bodies in the appropriate countries, according to the firm.
According to Zipmex CEO Marcus Lim, the network’s quest to transform into a a crypto payment card provider has put it in a condition “to offer assistance and advice to assist authorities enact appropriate digital currency laws. One of the most rewarding parts of this endeavor seems to be this.”
Notably, Crypto.com, a cryptocurrency exchange and payment facilitator,has also entered into a worldwide collaboration with Visa and has launched its card in various countries, including Asia-Pacific. Visa said in July that its crypto-friendly cards have handled over $1 billion in aggregate expenditure in the first half of this year.
With central bank digital currencies (CBDCs) and private sector stablecoins gaining legal and geopolitical notice, Visa and its competitor Mastercard have been striving to keep their offerings at the forefront of the newest advancements in the cryptocurrency market. Earlier this year, Visa’s CEO suggested that stablecoin blockchains may be seen as payment rails akin to RPT or ACH platforms.
Mastercard, for its side, has recently announced collaborations with Circle, Paxos, Evolve Bank & Trust, and many others on a collaborative effort to allow banks and crypto companies to unveil cryptocurrency cards that can be utilized wherever Mastercard is taken.
In addition, as portion of Mastercard Start Path, the firm recently launched a fresh startup interaction program to assist financial institutions and organizations working with cryptocurrencies and blockchain technology. Coinbase said a few days earlier week that customers with a Visa or Mastercard debit card connected to Apple Pay may now buy digital currencies on its platform, with Google Pay connectivity coming soon.