Next-gen payments company Wirex fired a warning shot at competing platforms today with the launch of a comprehensive product overhaul and new card. The overhaul kicks off with the release of exciting features, including five new currencies and free foreign exchange. The company also announced the upcoming launch of their hotly-anticipated Wirex Mastercard card, along with an upgraded rewards programme. The first of a three-phase, revolutionary product update was recently made available to Wirex users in the European Economic Area (EEA), in line with a close partnership with payment solution company LHV. A range of features are now live, including five new currencies (HRK, CZK, PLN, RON, and HUF), free multicurrency individual IBANs and free SEPA multicurrency transfers and SEPA instant for EUR transfers, while foreign exchange fees or currency conversion fees when topping-up with a local currency card have been removed.
Wirex also announced the upcoming release of its new multicurrency Wirex Card, supported by Mastercard. The news comes off the back of the crypto-native platform’s Mastercard principal membership announcement in July.
The new Wirex card is already being touted as a potential competition-killer with the potential to set a new standard in the FinTech and crypto payments space. Linked to 19 secure crypto and traditional currency accounts in the Wirex app, it allows cardholders to seamlessly spend multiple fiat and cryptocurrencies in day-to-day life without exchanging or offboarding. The company believes that these game-changing features, combined with sky-high limits and next-to-no fees, gives the new Wirex Mastercard a significant advantage over its competitors.
To complete the product overhaul, Wirex has also announced a significant upgrade to its rewards programme. The new offering includes up to 2% Cryptoback™ rewards for all Wirex card spending (online and in-store) and up to 6% rewards on customers’ WXT balance annually.
The upcoming changes are the latest in a long line of payments innovations from the London-headquartered FinTech startup. Wirex not only debuted the world’s first crypto-compatible debit card, but also the first crypto rewards scheme, Cryptoback™, which enables users to automatically earn free Bitcoin by spending in-stores with their Wirex cards. While the global pandemic has forced many FinTech businesses to reevaluate their business models, Wirex has continued to grow exponentially throughout 2020, recording an all-time high number of transactions within the month of August. Having recently achieved a milestone of over 3.1 million users on its database, the upcoming launches are set to further solidify its fundamental goal of bridging the gap between the traditional and digital economy.
“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,” says Wirex CEO and co-founder Pavel Matveev.
Today’s announcement caps an extremely eventful few years for the London-headquartered company, which included a successful expansion into the vast APAC market, the release of their native Wirex Token (WXT) and office openings in Tokyo, Singapore, Atlanta, Dallas, Toronto and Dublin. During this period, Wirex also made significant inroads in the acquisition of local licences in Singapore, Japan and the USA – testament to its commitment to observing the appropriate regulatory practices in the territories in which it operates.