By Daniel Lanyon on Wednesday 27 January 2021
TransferWise is expanding its debit card for its multi-currency account into dozens of new markets using new Visa's new cloud infrastructure.
Payments giant Visa has struck a deal with TransferWise to help the fintech expand its multi-currency account debit card rollout around the world.
Transferwise, which was co-founded by Taavet Hinrikus and Kristo Käärmann, and launched in 2011 as a money transfer service, is swiftly moving into offering a wider pool of financial services to its 10 million customers. The company says it is seeing $6bn in cross-border transactions each month.
The TransferWise multi-currency account allows consumers and businesses to hold and convert 55 currencies at the market exchange rate. The multi-currency debit card lets customers spend and withdraw directly from any of the currency balances.
The new partnership will see Transferwise use Visa’s new cloud platform, an effort to entice new fintech toward Visa’s global processing network, as the company looks to roll out its debit card to a wider global audience.
“The TransferWise team came to us last year with a challenge: enable the global rollout of their debit card program, and do it entirely in the cloud,” said Jack Forestell, executive vice president and chief product officer, Visa.
“Through our work with TransferWise, we’ve created a blueprint for other fintechs to quickly and securely connect with Visa’s massive scale and reach.”
Visa’s new cloud platform, dubbed Cloud Connect, allows access to Visa’s global infrastructure through a single integration. It is currently in pilot phase with TransferWise with a full launch planned for August 2021.