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Visa has terminated global debit card agreements with FTX
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NEW YORK (Reuters) – Visa Inc, the world’s largest payments processor, said on Sunday it was severing its global credit card agreements with collapsed crypto exchange FTX.
NEW YORK (Reuters) – Visa Inc, the world’s largest payments processor, said on Sunday it was severing its global credit card agreements with collapsed crypto exchange FTX.
“The situation with FTX is unfortunate and we are monitoring developments closely,” a Visa spokesperson told Reuters.
“We have terminated our global agreements with FTX and their U.S. debit card program is being wound down by their issuer.”
FTX and Visa had announced an expanded partnership in early October, including plans to introduce account-linked Visa debit cards in 40 new countries.
(Reporting by Hannah Lang; Editing by Jacqueline Wong)
Frequently Asked Questions about Visa has terminated global debit card agreements with FTX
1What is a debit card?
A debit card is a payment card that deducts money directly from a consumer's checking account to pay for a transaction.
2What is a cryptocurrency exchange?
A cryptocurrency exchange is a platform that allows users to buy, sell, and trade cryptocurrencies for other digital currency or traditional currency.
3What is a payment processor?
A payment processor is a company that handles transactions made by credit or debit cards, ensuring the funds are transferred from the buyer's account to the seller's account.
4What is a partnership in business?
A partnership is a business arrangement where two or more individuals share ownership and the responsibilities of managing the business.
