Visa, a provider of financial services and a $ 270 billion credit card network, has terminated its existing companies with Gibraltar's Wave Crest Digital Payment Processing Company, resulting in complete disruptions to the coin and digital discount cards.
Users of TenX, Xapo, Coins.ph, Bitwala, BitPay, CryptoPay
All debit and debit card service providers (TenX, Xapo, Coins.ph, Bitwala, BitPay, CryptoPay) have been affected by the decision taken by Visa against Wave Crest as all DSP providers were fully dependent on the partnership between Wave Crest And Visa to complete their processing of digital payments. This rapid termination of the partnership has also led to a sudden suspension of premium currency discount services offered by many companies in the digital currency sector. Visa stated in this regard:
"We can confirm that Wave Crest's partnership with Visa has been terminated because of its incompatibility with our operating rules. All Wave Crest Visa card programs will be closed as a result. The termination of the Visa Crest visa will not affect other Visa card programs, including those using paper money converted from digital currencies "
All users of Xapo, TenX, BitWala and BitPay, who number several million, have been informed that they are no longer able to use their digital debit cards. Xapo, which has one of the most widely used consumer discount card pads, told its users in an official statement that it would find new ways to restore its digital currency debit card. Annie Rautio, president of Xapo Discount Cards, wrote on Jan. 5:
"As of January 4, 2018, Wave Crest Holdings and the issuer of the Xapo Card Program received instructions from Visa to cancel all its effective programs immediately. As a result, all Xapo software cards have been deactivated. We are already looking for alternative solutions to those cards. But we are not ready to announce anything yet, and the search for two more new cards is still at the forefront of our mission "
Other providers of similar debit cards issued similar statements, reassuring their users that they will seek new ways to provide discount card services to users. The Bitwala team explained that after issuing a declaration from the card issuers on behalf of Visa European, Bitwala cards will be disabled and the Bitwala team is holding an emergency meeting to discuss the problem and seek a solution that is in the interest of cardholders.