Global payments platform Wirex has chosen leading open banking platform Railsbank to be its new Visa card issuer for its Asia-Pacific (APAC) customers.
Existing Asia Pacific customers of Wirex Visa cards have been automatically migrated to the Railsbank technology platform, which means they can continue using Wirex’s services as normal.
Wirex was the first company in the world to develop a contactless crypto-compatible debit card, allowing customers to convert cryptocurrencies to Singapore dollars and be spent in-store on a Visa card. The Wirex card enables users to spend up to 20 traditional and cryptocurrencies at more than 54 million locations worldwide.
Wirex has experienced a growth spurt recently, reaching three million users globally. Expansion in Asia Pacific is focused on providing additional functionality and expansion into new countries.
Louisa Murray, Head of Sales at Railsbank, said: “We’re delighted to lead the Wirex migration and especially pleased that it took less than 45 days to complete. Fintech companies from all over the world are migrating to Railsbank. We look forward to working closely with Wirex over the coming months.”
Pavel Matveev, CEO and co-founder of Wirex, explained how he believes that entering a new partnership with Railsbank represents a great step forward for the platform’s growth. He said: “Wirex’s strategic partnership with Railsbank allows us to continue empowering our customers to buy, hold, exchange and spend multiple currencies – both traditional and digital.”
Wirex was created in 2014 by CEOs and co-founders Pavel Matveev and Dmitry Lazarichev. The pair identified the need to open up the esoteric world of cryptocurrencies and make digital money accessible for everyone.