Wirex, a cryptocurrency wallet and card company, is planning to launch contactless debit cards in Asia, somewhere between April and June. They already introduced these services for UK-based customers last week, with plans to extend it to other EU regions before the month ends.
Wirex debit cards have a “zero loading fee” for its users, meaning you can transfer cryptocurrencies to your card without extraneous fees crowding your account. Contactless, or Tap-and-Pay Visa cards, will soon be launched for easier use. According to the website, it can be used for instant cash withdrawals at selected ATMs. While the cards seem like a good purchase for an average cryptocurrency user, there are other costs including monthly service fee, online purchases, declined transactions, administration / payment operations support and currency exchange fee. Furthermore, the maximum amount you can add to the cards is $10,000, with an unlimited spending amount.
Talking about the recent decision to launch cards in Asia, Wirex’s CEO Pavel Matveev 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.”
Visa put an end to cryptocurrency cards in January 2018 when a prepaid card issuer violated certain terms of the company’s operating regulations. The companies which were forced to shut down included Wirex as well as BitPay, Cryptopay, Bitwala and TenX. Vasant Prabhu, Chief Financial Officer of Visa, spoke out against cryptocurrencies by claiming that “every crook and every dirty politician in the world” uses them. Amidst such opposition, Wirex’s decision to relaunch debit cards using Visa’s services seems a bit confusing.