Global crypto payments firm Wirex has announced a strategic partnership with Transact Payments to enhance its card offerings across Europe.
The e-money institution will allow Wirex transactions to function more easily when customers make purchases online or in-store with their Wirex cards.
The collaboration also brings forth added convenience and streamlined payment solutions for users in the European Economic Area (EEA).
Sergio Gandolfo, CEO at Transact Payments lauded the collaboration – describing Wirex as ‘a business that we have admired for some time as a leader in their sector’.
He said: “We are delighted to partner with them in enhancing their service offering to EU customers. We are sure that this is just the start of our relationship and look forward to supporting them as their product offering continues to grow.”
Pavel Matveev, CEO and Co-Founder of Wirex, added: “We approach this new and important milestone as we join hands with Transact Payments, a company recognised for innovation in card issuance.
“This partnership resonates with our commitment to providing the best for our users and enhancing the card experience.”
Aaron Carpenter, COO of Transact Payments, recently wrote for Payment Expert on the advantages to apply for a Electronic Money Institution (EMI) licence, as well as the benefits of a BIN sponsorship with a EMI licence holder.
Carpenter explained: “EMI licences offer many operational advantages also. Given that most EMIs are solely online operations, cost savings can be passed onto the customer, while account openings and transactions can also be processed much faster.
“Making the choice on which licence to pursue is not an easy matter and many factors should be assessed before a decision is made. However, it is hard to ignore the ease and speed offered by BIN sponsorship.”
