Wirex to Launch Cryptocurrency Debit Cards in Asia During Q2 2018

Being able to easily find places to shop with bitcoin is a crucial step for actual adoption. While not really using the cryptocurrency as it is intended to, topping up debit cards with bitcoin allows spending your holdings while bypassing the need for merchants to learn a new payment system and just use the same old methods they are used to. With Wirex card spending coming back to Asia, bitcoin investors in the region will soon have another such option for something other than just trading.

Also Read: Coinbase Granted E-Money License by UK’s Financial Conduct Authority

Asian Bitcoin Cards

London-headquartered bitcoin wallet and card company, Wirex has revealed it will launch contactless debit cards for spending money that has been loaded from cryptocurrencies and its first ever multi-currency accounts for speedy exchange between bitcoin and fiat (SGD, GBP, EUR, USD) in Asia during the second quarter of 2018. Wirex Cards in Asia are said to offer 3D Secure support for safe online payments as well as physical and instantly available virtual debit cards.

Wirex has offices in Tokyo and Singapore, and last year received a $3 million investment from Japanese institutional investor, SBI Group. As such it is not surprising it will focus on further expending its offering in the world’s most populated continent, beginning with Japan and Southeast Asia.

Making Bitcoin Spending Easier

Last week Wirex launched debit crypto cards for its customers in the European Union. The new cards were made available in the UK since March 8, and the roll out for other EU countries is to last until the end of May. The company believes that phasing-in delivery by regions ensures a stable and secure service globally.

Pavel Matveev, the company’s CEO, said: “Wirex is bringing to Asia the first ever multi-currency accounts and cards for spending cash converted from cryptocurrencies, making everyday purchases much simpler. Our cards are great for transactions in stores, buying goods online or withdrawing money from ATMs. We were the first to bring such cards to the world and now we’re the first to bring multi-currency accounts with new contactless debit cards to Asia. We’re pleased to let our Asian customers know here that cryptocurrency spending just got much easier.”

Are bitcoin debit cards a good tool for mainstream cryptocurrency adoption? Share your thoughts in the comments section below!

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Images courtesy of Shutterstock.

Source : bitcoin.com

Wirex Launching Bitcoin Debit Cards in Europe

New crypto debit cards, with multiple currency accounts in GBP, EUR, USD, and BTC are offered by Wirex in Europe. The first plastic Visa cards were issued on Thursday, according to media reports. The new cards were made available for UK users on March 8. The service should be offered to customers in other EU countries by the end of the month. 

Also read: Bitpay Launches Bitcoin Cash Debit Card Top Ups

Crypto Cards Back in Europe

Cryptocurrency bank Wirex is launching new debit crypto cards for its customers in the European Union. The new generation supports multiple currency accounts and comes with contactless payment functionality, according to a company press release, quoted cryptomedia. The first new plastic Visa cards were already issued Thursday, the announcement states.

The redesigned Wirex accounts and the new cards are available in the UK since March 8, the reports say. Users in France, Germany and Italy will be able to order the cards on March 20. The launch date for other EU countries is said to be March 27.

Earlier this week, Wirex Community Manager Raphael Shalaby confirmed successful beta tests, both internal and external, with a number of payment processors. Items have been purchased from merchants like Amazon, using the new Wirex card. “Rollout will start within 14 days on a country by country basis”, Shalaby said in the company’s forum. He added that virtual cards were “days away” and the plastic cards are being manufactured. Their release would take another 5-6 weeks, he said.

Three types of payment cards will be offered by Wirex – a virtual card, a physical one, allowing contactless payments (initially in GBP, later in EUR), and a pre-paid debit card similar to the original Wirex card (available for other currencies). Responding to questions about the pending launch, Raphael Shalaby said he did not have an exact timeframe, but added:

It’s a priority. I can only say it will happen ASAP!

The company’s website reads that users can access their virtual cards immediately after registration, and claiming one is free of charge. Ordering a plastic card currently requires joining a waiting list. According to Wirex Community Manager, people on that list will be prioritized.

Wirex cards can be used for cryptocurrency payments, as well as instant exchange between digital coins and fiat money. The company claims it is currently the only provider offering Europeans the opportunity to pay for goods and services by converting cryptocurrency.

“Shopping, purchasing goods on the Internet, and withdrawing funds at an ATM have becoming much easier”, said cofounder and CEO Pavel Matveev, quoted by Russia media. He confirmed the integration of cryptocurrency wallet accounts with contactless Visa debit cards.

Several crypto card issuers ceased operations earlier this year, after Visa Europe put an end to its cooperation with Gibraltar-based payment provider Wavecrest. Visa representatives explained the move with “continued non-compliance with operating rules” and said crypto-fiat card programs in other jurisdictions would not be affected by the termination of Wavecrest’s membership.

Services to Be Offered in Japan, Southeast Asia

The new Wirex cards allow for free and instant bitcoin transfers between account holders, with multisignature bitcoin addresses for improved security. The company says encryption is better now, and merchants will enjoy more freedom of action with reduced risk of fraud. UK residents will be able to use individual e-money accounts with unique numbers for third party payments.

Both plastic and virtual cards can be ordered. They will support 3D secure “Verified by Visa” transactions. “As soon as virtual cards are available, we’ll be able to switch on the buy bitcoin exchange feature”, according to a previous update on the company’s website.

Wirex also says similar proposals are on the way for users in Japan and markets in Southeast Asia. The UK-based crypto bank will introduce its new cards in several stages to ensure stable and secure support. Wirex is among the most popular providers of crypto wallets linked to physical and virtual debit cards.

Do you think more crypto cards will be offered in Europe in the near future? Tell us in the comments section below.

Images courtesy of Shutterstock.

Source : news.bitcoin.com

Bitpay Launches Bitcoin Cash Debit Card Top Ups

 late 2017 the bitcoin payment processor Bitpay revealed it would add the ability to process payments for multiple blockchains — starting first with the bitcoin cash (BCH) chain. Now on Thursday, the Atlanta-based company announced that BCH transfers can be applied to the firm’s Visa card invoice loads.

Also Read: Dutch Bank That Once Called Bitcoin ‘High Risk’ Considers Building Crypto-Wallet

Bitpay Enables Bitcoin Cash Visa Loads

The payment company Bitpay has begun its initial rollout to support bitcoin cash payments. News.Bitcoin.com reported on Bitpay announcing last December it would begin working with multiple blockchains for payment processing. The company founded in 2011 only served bitcoin core (BTC) payments for years. However, Bitpay explained that they had received multiple requests over the years to support more than one digital asset. The company detailed at the time that offering a choice to customers would enable them to choose the best “confirmation times, and miner fee levels that work for them.”

Now starting March 1, 2018, Bitpay Visa cardholders will be the first to test out the bitcoin cash integration. When accessing the cryptocurrency debit card’s user interface the screen gives an option to load a certain amount of funds to the card. After choosing an amount the user is welcomed with a screen that asks whether they want to pay in BTC or BCH. At the moment network fees for the BTC chain is roughly 1.9 percent. Meanwhile, BCH network fees according to Bitpay’s load screen are 0 percent. After choosing BCH the cardholder is greeted with an invoice that details the approximate payment terms and the user has 14 minutes to pay.

“These two blockchains have differing exchange rates, network fees, and confirmation times. You can do a side by side comparison whenever you are making a payment so you can decide which payment method works best for you,” explains Bitpay’s announcement.

You and Bitpay card users like you will be the first Bitpay platform users to get access to our bitcoin cash payment processing.

After Months of Shelving the Card, BCH Proponents Begin Using the Debit Card Again

Following the announcement, the price of bitcoin cash spiked a touch surpassing $1,300 per BCH and saw over $600Mn in trade volume during the overnight trading sessions. The value has retreated back to levels prior, and the price of BCH today is hovering around $1270. Bitcoin cash supporters across social media and forums were elated with Bitpay’s BCH card integration and can’t wait for the full implementation for all of the company’s merchant invoices. One BCH proponent said the decision had prompted him to start using the Visa card again after not using it for quite some time.  

“I just showed them support by loading my card again for the first time in 9 months, will go spend some today,” explains a BCH supporter.

What do you think about Bitpay adding bitcoin cash to its services? Let us know in the comments below.

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Images via Shutterstock, Bitpay, and the Visa card UI. 

Source : news.bitcoin.com

Bitwala Launching Full-Fledged Crypto-Friendly Banking Service with Debit Card

Bitwala has announced that it is launching a new banking service with real debit cards. Its application with the Federal Financial Supervisory Authority of Germany (Bafin) is pending. Once approved, customers’ funds will be guaranteed up to €100,000. The move follows the suspension of the company’s prepaid Visa cards.

Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten

Bitwala’s New Banking Service

Blockchain-based payment service provider Bitwala announced on Monday that it is building an online bank account service, “enabling a seamless transition between the crypto and fiat worlds.” The account combines “all the features of traditional banking with the crypto economy,” the company added, noting that “We aim to introduce the new Bitwala accounts to the world within the next few months.”

The company says it has over 57,00 users currently in over 200 countries. Prospective customers can now pre-register for this new service, Bitwala detailed, elaborating:

In the next few months, we will be building a full-fledged German bank account that will come with a German IBAN, BIC along with a real debit card from Mastercard…Your funds up to €100,000 will be guaranteed.

“Bitwala accounts will be fully regulated by the Federal Financial Supervisory Authority of Germany (Bafin),” the company stated, adding that its application is currently pending. With Bafin’s approval, the deposit guarantee scheme of German banks will guarantee customers’ funds of up to €100,000 (~USD$123,000).

Bitwala claims that its “accounts will be the perfect solution for those seeking secure and crypto-friendly banking services.” Customers will be able to buy and sell cryptocurrencies as well as manage their daily expenses and setting up direct debits, the company explained.

Accounts Come with Debit Cards

The new Bitwala accounts will come with a debit card linked to customers’ accounts.

“We will be issuing a contactless debit card, enabling you to spend your funds instantly in shops, online and at any ATM,” the company detailed, adding that customers’ balances “will be immediately available” on their Bitwala debit cards. Furthermore, the company says that debit cards will also “have much lower fees and higher spending limits,” compared to the prepaid cards the company previously offered.

Problems with Prepaid Cards

Bitwala formerly offered prepaid cards denominated in EUR, issued by Wavecrest Holdings Limited. However, on January 5, the company announced that its prepaid cards had been disabled.

“Our Bitwala Card issuer Wavecrest Holdings Ltd received direction from Visa Europe to immediately suspend all Bitwala cards effective immediately,” the company wrote.

In a statement to CNBC, Visa said it had terminated Wavecrest “from our network for violating Visa’s operating regulations,” confirming it had required the company “to close its Visa card products, some of which were linked to cryptocurrency wallets.”

Alongside Bitwala, Wavecrest provided the same services to other cryptocurrency companies, including Cryptopay, Wirex, and Tenx. “Now these cards are invalid,” the news outlet emphasized.

What do you think of Bitwala’s new service? Let us know in the comments section below.

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Images courtesy of Shutterstock and Bitwala.

Source : https://news.bitcoin.com/bitwala-launching-full-fledged-crypto-friendly-banking-service-debit-card/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications