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The First Cryptocurrency-Backed Prepaid Card in the US

Wirex – the payments pioneer that aims to bridge the gap between cryptocurrencies and everyday spending – announced that they have teamed up with payments processing technology provider i2c to launch the United States’ first multiple cryptocurrency-backed prepaid card. It means that Wirex will be extending its European Wirex Visa Card programme, that allows cardholders to use the card anywhere Visa is accepted. Accordingly, American consumers will be able to instantly convert their digital currencies and spend using their Wirex prepaid card. It will allow American consumers to instantly convert their Bitcoin, XRP, Ethereum or Litecoin and spend in: stores, bars, and restaurants, on transport, online or withdraw from ATMs.

Cryptocurrency witnessed a meteoric rise in popularity, with the total market capitalization worldwide approaching $250 billion, but with only 0.3% of the world’s merchants accepting cryptocurrency, the ability to use cryptos remains limited. Since 2014, Wirex has solved this universal pain point by giving consumers the ability to spend their cryptos as easily as traditional money.

“Our mission is to bridge the gap between traditional money and cryptocurrencies, so our clients can use their digital money for everyday purchases. Our data shows that cryptocurrency adoption is increasing in retail environments. Somewhat surprisingly, McDonald’s takes the top spot when it comes to spending on the Wirex cards amongst European users, followed by major grocery stores. The relationship with i2c will enable Wirex to be the first crypto-friendly payment platform to offer this innovative service in the US.” – said Vroon Modgill, CEO of Wirex North America. 

The partnership will facilitate the introduction of the Wirex prepaid program, similar to their existing Wirex Visa card programme in the EU, where it is the only company to have a fully-functioning card that allows seamless spending of crypto. The Wirex prepaid card leverages i2c’s payments processing platform, which allows card issuers to quickly create and scale high-value payment and digital commerce solutions on a single global SaaS platform with industry-leading reliability and security. i2c’s payments processing technology supports advanced payment features and functionality such as multi-currency and multi-purse technology. They also offer card controls that give cardholders more options when implementing budgets, spending controls, and advanced real-time alerts.

“Industry-leading technology allows innovators in payments to rapidly launch solutions that meet the ever-evolving needs of today’s consumers. At the heart of successful innovation and growth in payments are ideas that take the industry in new directions. A flexible technology infrastructure to support new business models and strong partnerships are key factors in the payments ecosystem. We are proud to team-up with Wirex to launch a unique card product that offers convenience, security, and a great user experience.” –  said Joe DeRosa, i2c’s EVP of Global Sales and Marketing. 

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