Gnosis Pay, a pioneer in next-gen banking infrastructure, has announced a groundbreaking partnership with Visa, the global leader in digital payments. This collaboration aims to integrate digital currencies into everyday transactions, enhancing the practicality and efficiency of digital payments.
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Gnosis Pay’s decentralized network enables the provision of on-chain spending accounts linked to Visa debit cards, usable at any Visa-accepting merchant globally. For consumers, this means a smoother experience where digital currencies can be spent effortlessly in daily transactions, reducing inefficiencies and providing a more flexible payment method.
After successfully launching the first batch of Gnosis Cards across Europe in February 2024, today’s partnership with Visa marks a significant step towards expanding and accelerating this initiative.
Benefits for Business Partners
The partnership offers substantial advantages for both traditional financial entities and Web3 companies. Traditional financial institutions can explore the blockchain domain, providing innovative solutions that merge conventional reliability with blockchain’s efficiency. Concurrently, Web3 and blockchain firms can bring their services into everyday use, making them more accessible and relevant to a wider audience.
Marcos Nunes, CEO of Gnosis Pay, stated:
“With global crypto users projected to reach one billion in 2024, Gnosis Pay is enhancing payment options for both service providers and cardholders. Our partnership with Visa is a pivotal step towards building the next generation of banking, offering a cost-effective global payments system with extensive payment options.”
A standout feature of the Gnosis Pay crypto-linked Visa card is its use of blockchain technology to improve compliance practices. Gnosis Chain’s transparency allows precise tracking of fund origins and movements, bolstering anti-money laundering efforts and enhancing overall financial security.
Expanding Opportunities and Innovations
This new partnership between Gnosis Pay and Visa paves the way for expanded services and innovative applications. For example, Gnosis Pay can offer instant cash access post-payment, potentially reducing backend system costs, such as collateral expenses. This integration allows customers to enjoy the global acceptance of fiat currency while benefiting from the trust and convenience of digital money, facilitated by Gnosis Pay and Gnosis Chain.
Cuy Sheffield, Head of Crypto at Visa, commented:
“Our strategy in crypto has always been to act as a bridge, connecting emerging technologies in the crypto ecosystem with platforms to develop the next generation of payment solutions. We are excited to continue our work with Gnosis Pay.”
The partnership will initially target the UK and EEA markets, with plans for rapid global expansion, leveraging these regions as strategic launch points.
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About Gnosis Pay
Gnosis Pay is the world’s first on-chain spending account provider. Through the Gnosis Card, a self-custodial Visa debit card, users can spend their crypto and digital assets at any Visa-accepting merchant location. Powered by Gnosis Chain, Gnosis Pay offers secure and open developer tools, providing a white-label solution that allows crypto wallets and global payment providers to offer their customized Gnosis Card.