FinTech Firm, Wirex, to Launch A Multi-Currency Mastercard Card With 2% Crypto-Back in Europe
Wirex, the inaugural crypto firm to become a Mastercard principal member, is set to roll on its new multi-currency card days after gaining principal membership.
The crypto payment platform is based in London and is licensed by Uk’s Financial Conduct Authority to offer crypto cards across Europe.
We are beyond excited to announce our biggest ever product overhaul 🚀
All good things come in threes. And the first of our three-phase, revolutionary product overhaul will be made available to Wirex users in the EEA today.https://t.co/XK2HtjFEWW
— Wirex (@wirexapp) September 17, 2020
The new multi-currency Wirex Card will be backed by Mastercard and will be connected to 19 crypto as well as fiat currency accounts found in the Wirex app. The firm is however yet to issue the release date.
In efforts to boost the utilization of crypto in everyday payments, the firm is also enhancing its existing cryptoback rewards program that has so far been rewarding crypto users with upto 1.5% back in Bitcoin for every in-store transaction.
Going forward, crypto users will enjoy a 2% cryptoback for both in-store and online transactions. In addition, users will get up to 6% rewards on their native Wirex Token balance per year.
Before releasing the Mastercard backed crypto card, Wirex is also set to release various new features taking advantage of the recent partnership with LHV, a payments solution firm.
Within the European Economic Area, the new features which are now live come with support for five fresh currencies consisting of Hungarian forint, Czech Koruna, Romanian leu, Croatian kuna and Polish złoty.
Wirex has in the recent past enjoyed an increase in support with the platform revealing that it has more than three million users in the start of the year. According to the firm’s CEO, the firm has seen adoption especially among mainstream users that are not usually hardcore crypto worshippers or enthusiasts.
Wirex platform allows users from about 130 nations to use their crypto as well as fiat money via an existing dedicated Visa card as well as mobile app.
Recently, there have been positive signs of integration between plastic money and crypto as both Visa and Mastercard have enhanced their efforts to form working relationships with various established crypt-based companies.
Coinbase card was the inaugural crypto card to be issued in the United States and is backed by both Mastercard and Visa.