Visa is launching a new service for holders of digital currencies, allowing them to withdraw funds from their Bitcoin wallets to plastic cards.
This service automatically converts the funds into the national currency of the state where the bank card is registered.
Visa has been showing interest in decentralized technologies for the past few years, and in 2023 announced plans to develop its own payment infrastructure on the blockchain, with stablecoins backed by fiat currencies as the main form of payment.
The Visa Direct service is being developed by blockchain infrastructure company Transak and currently supports conversion of up to 40 cryptocurrencies into fiat money.
The service is now available to Visa clients in 145 countries, including Turkey, Malta, Cyprus, Portugal, Singapore, and the UAE, with plans to expand to more countries in the future.