- The Travelcard is compatible with 150 currencies
- Wirex wants to empower users of crypto and fiat
- The move will promote crypto adoption
UK-FCA licensed Wirex has introduced a Visa Multi-currency Travelcard that will enable customers to spend multiple cryptocurrencies and fiat currencies seamlessly and earn crypto rewards as they travel.
Functionality and Versatility
According to a media statement made on November 11, 2019, the new Visa-enabled travel card will be compatible with over 150 currencies and will access 54 million outlets where Visa cards are accepted worldwide. As per the media statement, the card avails free international ATM withdrawals and offers customers up to 1.5% back in Bitcoin on all in-store purchases. Wirex co-founder and CEO Pavel Matveev stated:
“We’re delighted to be able to offer the full Wirex experience and empower customers across APAC to take control of their crypto and traditional currency. This unparalleled functionality and versatility makes the Wirex Visa Travelcard the perfect travel companion, whether customers are travelling abroad for business or leisure.”
Rake Up Crypto Rewards
The announcement made at the Singapore Fintech Festival signals the expansion of the UK FCA-approved startup into Asia-Pacific Countries (APAC’s) US$800 billion payments industry. There are at least 3 million guests visit 3 million existing users in Europe and USA, and Wirex seeks to empower users to spend both fiat and cryptocurrencies with zero FX fees, while simultaneously raking up crypto rewards. Wirex believes that their multi-currency Travelcard will help to grow its client base across the APAC Region and all cryptocurrency exchanges to legal tender fiat currency will take place before users transact on the Visa network.
The introduction of the Wirex Visa Travelcard is part of the expansion plan of Wirex services for the firm’s company in the APAC region. The card is compatible with at least 19 secure, cold-storage traditional and cryptocurrency accounts, including USD, SGD, AUD, JPY, EUR, GBP, BTC and ETH among many others and access to industry-best OTC and interbank rates for crypto and traditional currency exchange. Pavel further stated:
“We have witnessed an explosion in demand for hybrid fiat and crypto-enabled banking alternatives in APAC, where people need payments redesigned for the future, allowing them to unlock the value of their different currencies, the evolution of Wirex’s offering in APAC represents more than just the next stage in the platform’s growth strategy; it is a tangible example of our mission to provide a genuine alternative to conventional financial services by connecting traditional and digital ecosystems on one borderless payment platform.”
Wirex announced earlier this year plans to launch 26 Stablecoins on the Stellar blockchain. The initiative will most likely enhance crypto adoption since the company has removed fees, including account management and traditional currency exchange fees, for a limited period.