FCA-regulated payment platform Wirex, has announced a new offering for its customers, called the Wirex Visa Travelcard. Making the announcement at the Fintech Festival held in Singapore, the London-based financial services company said that it hopes the card would give its users the much-needed ease required for them to initiate and settle different kinds of transactions using both digital currency and fiat. The travel card is powered by VISA and is accessible and usable for all of the company’s customers anywhere in the Asia Pacific (APAC ) region.
Wirex co-founder and CEO Pavel Matveev, has expressed excitement at the offering, specifically saying that the new card will be very suitable for travelers:
“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.”
The Wirex Visa Travelcard promises to be a cheaper alternative to existing options, allowing users extensive access to over 150 different currencies and also easily exchanges between the currencies, without the heavy fees known to accompany such transactions. Users will also have access to more than 54 million different payment outfits in the world, pretty much in all places Visa has access. Furthermore, Wirex claims that all ATM withdrawals around the world would be completely free of charge, for a while. Crypto users will also enjoy up to 1.5% back for in-store Bitcoin transactions via what it calls a Cryptoback programme.
Matveev has suggested that there was a need for the crypto and fiat enabled offering because of increased requests in the area:
“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.”
Wirex has also revealed that the new Travelcard is just one phase of a large plan for the company to spread its tentacles wider in the APAC region. At the moment, the Travelcard supports safe cold-storage for 19 currencies including both fiat and digital currencies. Some of them are BTC, ETH, SGD, USD, JPY, EUR, AUD, GBP, and more than ten others.
Apart from its expansion plans, Wirex also hopes to provide people with a platform that can serve as worthy competition for traditional methods of financial activity and to effectively bridge the crypto-fiat gap.
“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,’ reads the press release.
For an unspecified period, Wirex will not charge any fees for currency exchange or account management. So far, the company boasts of presence in 130 countries and since its inception back in 2015, Wirex has processed transactions worth over US$2.6 billion.