Worldpay will enable exchanges with card-to-crypto services while supporting better fraud monitoring and analysis
Technology solutions leader FIS announced yesterday that its payment processing company Worldpay, acquired in 2019, has been selected by OKCoin to provide services as cryptocurrency exchanges expand globally.
Worldpay will provide OKCoin with global merchant acquiring and foreign exchange services to make it easier for customers to purchase crypto using credit and debit cards. This translates into high authorization rates for the exchange, as well as better reporting, fraud monitoring and analysis.
General Manager, North America for Worldpay Merchant Solutions at FIS, Jason Pavona said: “Worldpay has extensive experience guiding cryptocurrency exchanges through the complexities of the global payments ecosystem. For the past eight years, we’ve worked with some of the largest crypto exchanges in the world, developing solutions to open card payments and withdrawals to consumers using crypto exchanges. Interest in cryptocurrencies has never been so great and access to exchange for consumers by enabling global card-to-crypto payments is more important than ever. “
Half of the top 10 crypto exchanges already use FIS, which enables multiple payment methods and currencies in over 100 countries and processes more than $ 2 trillion in transactions every year. Earlier this month, Worldpay was also selected by FIS by crypto payments infrastructure provider MoonPay as it is expanding to allow more developers to accept payments for crypto and non-fungible tokens (NFTs).
OKCoin enables users to buy more than 25 cryptocurrencies with fiat and make more of their wealth using the exchange’s offers for staking and decentralized financing (DeFi). With branches in Hong Kong, Singapore, Japan, Korea, Malta and San Francisco, OKCoin already serves 190 countries and aims to enter new markets through its partnership with Worldpay.
OKCoin COO Jason Lau added: “Our mission is to enable a seamless transition between local currencies and cryptocurrencies to expand the ecosystem around the world, and to offer intuitive products that allow our customers to participate in the crypto economy without the complexities. Worldpay’s extensive experience in the industry helps us achieve this goal through card payments in all other markets. As we activate new markets and local currencies, opening up new payment channels will play a key role in our growth as well as for the entire cryptocurrency industry.”