Wirex, a borderless payment platform, announced on November 11 that it will be introducing a new Visa Travelcard at the Singapore Fintech Festival.
According to a release shared with Crowdfund Insider:
“The multi-currency travel card will empower customers across the APAC region to seamlessly spend multiple crypto and fiat currencies, and earn crypto rewards wherever they travel. All cryptocurrency exchanges to legal tender fiat currency takes place before users transact on the Visa network.”
Wirex’s Visa Travelcard is reportedly compatible with over 150 different currencies. The card allows users to link several fiat currencies, while avoiding expensive exchange usage fees during travel.
Wirex cardholders will be able to pay for goods and services at around 54 million outlets throughout the world, anywhere Visa is accepted and make free international ATM withdrawals, the release noted.
The Visa Travelcard also rewards customers with as much as 1.5% back in Bitcoin (BTC) on in-store purchases via its Cryptoback™ program.
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.”
As mentioned in the release, the introduction of the Wirex Visa Travelcard is part of a company-wide expansion of various services including “19 secure, cold-storage traditional and cryptocurrency accounts, including USD, SGD, AUD, JPY, EUR, GBP, BTC and ETH (among others) and access to (over the counter) OTC and interbank rates for crypto and traditional currency exchange.”
Wirex will remove fees, including those charged for account management and currency exchange fees, for a limited time, in order to encourage more people to use the company’s services.
“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.”
Launched in 2015, Wirex has been offering various payments services. The company introduced its first Visa card that allows users to easily convert and spend their cryptocurrency.
Wirex says it will be releasing several fiat-backed stablecoins. Wirex is one of only three crypto-related firms to be issued a UK Financial Conduct Authority (FCA) e-money licence (No: 902025).
The Singapore FinTech Festival is scheduled to take place from November 11 to November 13. Wirex’s representatives will be in Hall 4 at booth 4F29.
As noted in the release, the booth will include live registration for Wirex’s card services, and “the first 2000 people to register with Wirex, order and activate their card will receive 20 Nano, one of the most popular altcoins in the APAC region.”