The Wirex card is a 3D Secure debit card that allows users to interact with both fiat and digital money. The card is accepted by over 40 million merchants in more than 200 countries, making Wirex a leading provider of hybrid personal finance.
The card allows users to deposit, exchange, and spend their cryptocurrency easily and will be available to residents of the European Economic Area at the beginning of May. Not only that, the company announced it would be launching a 0.5% CryptoBack rewards program that operates in the same way as standard cashback.
Is it secure?
The biggest concern when dealing with digital finance is security. Wirex is PCI DSS certified, exceeding current industry standards, but there are a few additional security features that may prove attractive to consumers.
Wirex customers can view their balances with an app that works alongside their card allowing them to identify suspicious activity with ease. The dashboard enables them to view their transaction history clearly, allowing them to track the time of transactions and the amount spent.
Using the app, the cardholder can block their card at a moment’s notice. This allows the card owner to protect their funds should the card be lost or stolen. While the card is blocked, the app can be used as a substitute for transactions, and if the card is found, the user can unblock it just as easily.
Is it efficient?
One of the newest features of Wirex’s debit card is Litecoin integration. Litecoin (LTC) is four times faster than bitcoin and incurs lower blockchain fees. These elements are essential when dealing with transactions and are likely to make Litecoin a popular payment option for shoppers and retailers.
Wirex’s LTC wallet will allow users to buy Litecoin via bank transfer, debit card, or credit card. In addition to this, it will allow users to instantly convert bitcoin and popular altcoins into LTC making it easier to cash out ICO or trading profits with an efficiency that is unmatched by current exchanges.
Payment cards are a vital part of a paperless economy
One of the main problems holding the industry back is the lack of widespread adoption. This issue is a double-edged sword — for the customer, it can be difficult to find a retailer that accepts crypto, making it more efficient for them to use fiat. As a result, fewer people use crypto when shopping, lowering the demand for retailers to accept crypto as a method of payment.
Integrating Litecoin is a step in the right direction, but the real strength of hybrid debit cards lies in their familiarity. People are comfortable with their fiat, having used it for so long, but increasingly, people are choosing to pay using their debit cards. Many are also banking online.
Money is no longer reliant on its physical form, so if digital transactions of crypto are made easy and familiar (which is exactly what a debit card provides), fiat loses its chief advantage. Fiat money just can’t compete with the speed, savings, and control that innovation can already provide.
Chronic crypto nut and freelance writer/editor for longer than I care to remember. Have finally found a home here at Crypto Disrupt.