Digital borderless payment platform Wirex, which allows users to pay with both fiat currency and cryptocurrency, has teamed up with Visa to offer the Wirex Visa Travelcard, according to a press release.
The Travelcard will be multicurrency and allow customers throughout the Asia-Pacific (APAC) region to spend crypto and fiat currencies, earning crypto rewards as they go. All of the exchanges from crypto to fiat currency happen before the transaction reaches the Visa network.
The card will be compatible with at least 150 currencies and allow customers to avoid exchange fees. Customers will be able to use the card wherever Visa is accepted around the world. Customers can get up to 1.5 percent back in Bitcoin on all in-store purchases through the card’s Cryptoback scheme.
“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,” said Pavel Matveev, Wirex co-founder and CEO. “This unparalleled functionality and versatility makes the Wirex Visa Travelcard the perfect travel companion, whether customers are travelling abroad for business or leisure.”
Wirex offers 19 cold storage traditional and cryptocurrency accounts, which include U.S., Australian and Singapore dollars, euros, British pounds, Japanese yen, Bitcoin and Ethereum. Wirex is removing account management and other fees for a limited time.
“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,” Matveev said. “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.”