Wirex To Launch Multi-currency Wirex Mastercard Card

By RTTNews Staff Writer | Published: 9/18/2020 10:22 AM ET

Crypto payment card provider Wirex is set to launch the much anticipated Wirex Mastercard card, along with an upgraded crypo rewards program. The move comes two months after Wirex was granted a Mastercard principal membership, allowing it to directly issue payment cards to customers.

U.K.-based Wirex provides a service for digital and traditional currency transactions by integrating the next generation of payments infrastructure integrated with cryptocurrency blockchains.

Wirex will issue the card to customers to make it easier for them to buy, hold and exchange multiple traditional and crypto currencies. Consumers can instantly convert their cryptocurrencies into traditional fiat currency, which can be spent everywhere Mastercard is accepted around the world.

The card will be linked to 19 secure crypto and traditional currency wallets in the Wirex app. It will support BTC, ETH, LTC, XRP, WXT, DAI, NANO and XLM as well as USD, SGD, AUD, JPY, HKD, EUR, GBP, CZK, MXN, CAD and CHF.

The new Wirex card is already being touted as a potential competition-killer with the capability to set a new standard in the FinTech and crypto payments space. It will allow cardholders to seamlessly spend multiple fiat and cryptocurrencies in day-to-day life without exchanging or offboarding.

Additionally, the Wirex Mastercard offers Cryptoback, a crypto rewards program that automatically gives customers up to 2 percent back in bitcoin for every purchase made in-store and online. This is claimed to be the world's first bitcoin reward programme. It also offers up to 6% rewards on customers' WXT balance annually. WXT is Wirex's own native utility token.

Last month, Wirex received its first money transmission license in the U.S. and is gearing up to launch its "next-gen cryptocurrency platform linked to a spending card." The license was issued by the state of Georgia's Department of Banking and Finance to Wirex USA.

In June, bitcoin payment processor BitPay teamed up with Mastercard to launch the first ever US prepaid Mastercard called 'BitPay Card' for crypto users in the U.S. that can be loaded with dollars that are converted instantly by liquidating cryptocurrencies such as Bitcoin.

Through a similar partnership, cryptocurrency exchange major Coinbase partnered with Visa to launch a Coinbase Card last year. The Visa debit card lets customers spend their crypto balances direct from their Coinbase account.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

Mastercard Launches Central Bank Digital Currencies Testing Platform

By RTTNews Staff Writer | Published: 9/10/2020 10:14 AM ET

Payment solutions giant MasterCard, Inc. has launched a virtual and custom testing platform to help assess and explore issuance of Central Bank Digital Currencies (CBDCs). The platform will enable Central Banks across the world to evaluate use cases and test roll-out strategies for CBDCs by simulating a CBDC ecosystem.

CBDCs are slated to be the digital equivalent in value to a nation's paper currency and are subject to the same government-backed guarantees. In addition to printing money, central banks can issue CBDCs as a digital representation of a country's fiat currency.

CBDCs are expected to be used for interbank settlements. However, this collaboration between public and private sectors can help central banks better understand the range of technology possibilities and capabilities available with respect to CBDCs.

Mastercard said every central bank differs in its exploration of CBDCs, and the platform stands ready to explore whether CBDCs fit with the needs of a region or country. The virtual platform can also be individually customized to the environment in which the central bank operates.

Mastercard's proprietary virtual testing environment for central banks to evaluate CBDC use cases will enable the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers.

Central banks, commercial banks, and tech and advisory firms can partner with Mastercard to assess CBDC tech designs, validate use cases and evaluate interoperability with existing payment rails available for consumers and businesses as of now.

While the global economy racing to embrace digital payments, central banks also are looking to investigate and support innovation while maintaining monetary policy and financial stability as they issue and distribute currency.

According to a recent survey by the Bank for International Settlements (BIS), about 80 percent of central banks surveyed are engaged in some form of work to develop CBDCs, and about 40 percent of central banks have progressed from conceptual research to experimenting with concept and design for CBDCs. Central banks representing a fifth of the world's population say they are likely to issue the first CBDCs in the next few year.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe