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Wirex Unveils Its Multi-Currency Crypto Card Powered by Mastercard

UTC by Bhushan Akolkar · 3 min read
Wirex Unveils Its Multi-Currency Crypto Card Powered by Mastercard
Photo: Depositphotos

The Wirex Mastercard will allow users to spend their cryptocurrencies seamlessly for any online or in-store purchases. The Wirex Card also brings some interesting “Cryptoback” rewards for every purchase.

On Thursday, September 17, the London-based crypto payment processor Wirex unveiled its new multi-currency crypto card with support from Mastercard Inc (NYSE: MA). As per the details, this multi-currency Wirex Card will have links to 19 crypto and fiat accounts through the native Wirex App.

Earlier in July, Wirex joined Mastercard’s principal membership to issue crypto debit cards. Wirex has been working on setting up new standards within the crypto payments industry. It also holds all regulatory licenses from UK’s Financial Conduct Authority (FCA) for issuing crypto cards in Europe.

The new multi-currency Wirex Card will allow users to seamlessly spend their crypto and fiat holdings during daily purchases. To encourage the daily use of cryptocurrencies in payments, Wirex also has a unique “Cryptoback” rewards program. The platform rewards 1% back to users in BTC for every in-store transactions.

The good thing is that Wirex has now increased this limit to a 2% reward for online and in-store purchases. Additionally, this reward can up to 6% on having some specific annual balance for its native Wirex Token. The Wirex Mastercard brings the company a significant advantage over its competitors for its sky-high limits and almost negligible fees.

Wirex Mastercard Is Transforming Digital Payments

Apart from the new Wirex Mastercard, the company also announced other new features in partnership with payments solution company LHV. Earlier in 2020, Wirex already attained a milestone of having over 3 million monthly active users. Wirex CEO and co-founder Pavel Matveev said:

“As a company, we have always believed that Wirex will play a pivotal role in the mass adoption of digital currencies and the inevitable shift from a fiat to a token-based economy; the new product confirms this. While other platforms creep towards mainstream adoption through iterative updates and improvements, Wirex makes the everyday use of digital currencies mainstream now”.

Apart from just Europe, Wirex has its services in over 130 allowing its users to spend their crypto holdings. Wirex is not the sole player in the segment to offer crypto debit cards. Crypto exchange Coinbase also has its crypto debit cards working in the U.S. in partnership with Visa Inc (NYSE: V) and Mastercard.

Payments processing giant have understood the importance and future potential of crypto. Mastercard has been taking initiatives to collaborate with different players in the crypto space. In July, it expanded its cryptocurrency card program for different issuers while onboarding new partners through its Accelerate program. Earlier this month, Mastercard also unveiled a new testing platform for central banks to test the CBDCs.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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