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Visa and Transak Team Up to Facilitate Crypto Offramping in Africa

Exciting news for Africa’s growing crypto community! Visa, the global leader in digital payments, has partnered with Transak, a UK-based fintech company specializing in fiat on/off ramps for crypto platforms, to streamline the process of converting cryptocurrency to fiat currency and vice versa.

This strategic partnership leverages Visa Direct, Visa’s real-time push payments platform, enabling Transak users to effortlessly send money from their crypto wallets directly to their bank accounts or Visa cards in minutes. This significantly reduces the hassle and fees typically associated with crypto-to-fiat conversions, while also enhancing the security and transparency of the transactions.

The initiative comes at a time when cryptocurrency adoption is surging across Africa, fueled by individuals seeking alternative financial solutions. However, converting digital assets into spendable cash has remained a major hurdle due to limited options and high fees. This partnership directly addresses this challenge, aiming to provide users with a convenient, cost-effective, and secure way to cash out their crypto holdings.

The Key Benefits:

  • Reduced Friction: Transactions from crypto wallets to bank accounts or Visa cards can be completed in minutes, eliminating the need for lengthy and complex processes.
  • Cost-Effectiveness: The integration of Visa Direct aims to lower fees associated with crypto-to-fiat conversions compared to traditional methods.
  • Enhanced Security: Visa Direct boasts robust security measures, ensuring safe and transparent transactions.

This collaboration between Visa and Transak holds immense potential to unlock the true potential of cryptocurrency in Africa. By removing a critical barrier to entry, it can encourage wider adoption, empower individuals, and contribute to the continent’s evolving financial landscape.

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