Nuvei to roll out debit card with crypto functionality
Nuvei, one of the card payment startups based out of Canada, has announced that it would be launching its new crypto to fiat debit cards all over the European Union and the UK in the coming months.
The company will be doing this through its subsidiary Simplex which it had acquired in May exactly for this purpose.
Nuvei Piggybacks on Simplex
Simplex would provide the regulatory backup that this sort of a service requires and also the infrastructure as it already has a fiat to crypto gateway that connects various market participants including banks, payment gateways etc. Nuvei would depend on this to provide the crypto to fiat conversion services to its users who would then be able to use their debit cards for crypto buying and selling and any crypto that is sold would be converted into fiat which the users would be able to spend at businesses that accept only fiat.
Nuvei’s Chair and CEO, Philip Fayer, commented: “The branded Visa debit card is a huge asset to our partners and their users, enabling the immediate and seamless spending of crypto earnings. With this programme, Visa has played a vital role in expanding the crypto ecosystem by closing the gap between traditional finance and crypto.”
Nuvei Opens the Doors
Nuvei also has its Visa Principal membership and EMI license which can be used to give its partners firms the power to allow their users to be able to spend their fiat obtained from their crypto sales at many businesses. This would be possible at any place where Visa is accepted currently and this means that the debit cards can be used at thousands of establishments across Europe.
This is expected to be the next level in the mainstream usage of crypto as more users become aware of the benefits involved in crypto. Of course, like any asset, it is liable to fluctuations in price and the associated risk as well but it is clear that it is here to stay and with many regions looking to regulate the crypto companies, it is likely that the trust would increase for the industry which is then likely to drive in more users. With a variety of different products being offered by the various businesses involved in the industry, the adoption would only get smoother and faster as well.