Home » Blockchain/Cryptocurrency » “Wirex” Launches “W-Pay”- Disrupting Payments Industry by Enabling New Transactions Between Parties Previously Unreachable by Legacy Financial Systems

FIN / SUM WEEK 2017 Tokyo (Fintec Summit / Innovation Beyond Finance)

London, United Kingdom, September 19, 2017, Wirex will announce on Tuesday at Japan’s biggest Fintech summit that it has significantly disrupted the global payments industry by successfully integrating a multi-asset off-chain liquidity network powered by smart contract technology, enabling ultra-low cost instant payments on a global scale. This means instant global multi-currency payment solutions, a fully-automated trustless blockchain environment for M2M payments with zero blockchain fees, gateway fees, or customer chargebacks.

W-Pay technology continues to evolve, making it possible to use over 50 cryptocurrencies together with Fiat money in a fully-automated and trustless environment, without the need to wait for blockchain confirmations. The service was founded in 2013 as the first mass consumer service in the world to successfully combine cryptocurrency networks with traditional banking services and the VISA card scheme.

“W-Pay” brings several key features:

Multi-blockchain/multi-asset: Support for numerous cryptocurrencies (Bitcoin, Litecoin, Ether, Ripple, Dash, NEM etc.) as well as Fiat money (US Dollars, GBP, Euros, Japanese Yen, etc.) The network supports most digital assets and is seamlessly integrated with the VISA network.

Security: Built on a state-of-the-art platform specifically designed to deliver fast and secure payment solutions. Connected to multiple blockchains as well as traditional payment schemes. Designed in accordance with ISO 20022 and PCI/DSS standards.

Integration Options: Multiple options for deep integration depending on the type of network participant (Liquidity Provider, Merchant or End User); from cross blockchain integration to simple REST API.

VISA Network: Deep integration with the VISA card network brings digital assets to traditional payment infrastructure. It’s now possible to use digital assets in more than 40M merchants in 210+ countries. As of mid-2017 Wirex has issued more than 700K cards for customers in 130+ countries.

Instant Payments: Capacity to process millions of payments without a need for custodians. Bidirectional payment channels allow network participants to pay each other off-chain and only broadcast net positions to the network based on their business rules. This model allows instant and cheap payments in a trustless environment.

Payment Service Directive (PSD2): PSD2 is a game changer in European retail banking. Under PSD2 (starting January 2018), new rules will enable third parties to access payment account information and initiate payments on behalf of the user via PISP (Payment Initiation Service Provider). Wirex is working hard to obtain its PISP license as soon as it becomes available to allow us to bring banking deposits into the W-Pay network.

Pavel Matveev, CEO, Wirex, said:

“Unlike off-the-shelf technologies, Wirex has built 100% of their platform in house. Wirex has full ownership and control of the technology stack, giving it flexibility to react to changes in customer behaviour and demands.

This unique approach enables Wirex to build systems free from legacy constraints by using blockchain technology that is revolutionizing the payment industry.”

W-Pay key beneficiaries include:

Liquidity Providers: Immutability of the blockchain guarantees data cannot be compromised and automatically resolves disputes. W-Pay liquidity network is ideal for financial institutions and payment providers who want to monetize their liquidity reserves.

Merchants: W-Pay is an all-in-one payment solution for merchants. Multiple vendor or partner integrations can be replaced by one seamless solution, saving time and money. Traditional businesses gain better rates for crypto-to-traditional exchanges to meet the urgent demands of modern ecommerce. Unlike existing payment options, payment and settlement happen at the same time. The Peer-to-Peer (P2P) nature of W-Pay means that payments pass directly from client to merchant, eliminating middle-man fees usually charged by traditional payment gateways.

Machine-to-Machine (M2M) Payments and Internet Of Things (IOT): One of the emerging and exciting technologies of the 21st century is machine-to-machine (M2M) technology. Direct communications between machines that interact and share information with minimal configuration.

M2M technology will become an essential part of everyday life as the number of devices connected to IP networks is expected to reach 50 billion by 2020. W-Pay enables M2M micro-payments on a global scale via close-to-zero-fees and high throughput transactions in a fully automated and trustless environment.

Small Business: Small and medium enterprises benefit from reduced capital required for liquidity, freeing up cash flow for business operations and development. Without the need to spend on infrastructure, the single-point solution with W-Pay means that SME’s can focus on their core business and leave payment integrations to us, knowing they are gaining the best possible exchange rates with premium access to the global market.

Traders and Investors: Hedge positions using a complex diversified portfolio of various traditional currencies and cryptocurrencies, are all secured within the Wirex account and instantly convertible via the W-Pay exchange network. A new breed of FX trading for the digital economy.

Long-Term Savers and Holders: Many Wirex customers want to store a variety of cryptocurrencies while also taking advantage of exchange rate fluctuations, similar to holding a traditional multi-currency account at traditional global banks. On W-Pay, long-term savers gain the clear benefit of cryptocurrency price appreciation, along with flexibility to convert crypto into traditional currency with ease whenever market conditions change.

Consumers: W-Pay infrastructure gives customers the best access to competitive exchange rates with zero fees via a deep pool of liquidity.

W-Pay is currently available to business customers invitation only will be accessible to both retail and corporate clients in the new year. Interested parties can contact Wirex now to participate in W-Pay by emailing partners@wirexapp.com. Wirex has a proven track record as an early innovator in blockchain personal finance. Wirex now brings interoperable infrastructure for merchant payment and liquidity solutions. A global first.

About Wirex:

Wirex serves 800,000 customers in more than 130 countries and is in the process of obtaining an e-money license in the United Kingdom. Wirex achieved $1 billion of transaction volume in June 2017 and has offices in London, Tokyo and Kiev. Wirex is expected to offer contactless bitcoin payments, contactless cards, additional currencies and new bitcoin-based financial products in the near future.

Wirex received a £2.4 million investment from Japanese institutional investor, SBI Group, which is part of the R3 consortium and runs Japan’s biggest fintech venture capital fund. SBI is a major investor in fintech firm, Ripple.

Wirex benefits from trade expertise provided by JETRO (Japan External Trade Organization, an independent government agency of Japan) and is Japan’ biggest provider of cryptocurrency debit cards

For complete information about The Wirex Payment Network, please click here

Media Contact:

Wirex Limited
Attn: Imran Khan, Head of Communications
25 Old Broad Street
London, EC2N 1HN, UK
+44 7585 213 051