Global payments platform Wirex has chosen leading open banking platform Railsbank to be its new Visa card issuer for its Asia-Pacific (APAC) customers.
Railsbank is solely responsible for the card issuing service for Wirex’s rapidly-growing customer base in the Asia Pacific region.
Existing Asia Pacific customers of Wirex Visa cards have been automatically migrated to the Railsbank technology platform, which means they can continue using Wirex’s services as normal.
Railsbank achieved a speedy migration of under 45 days, including extensive testing, during COVID-19 lockdowns and restrictions, working remotely, but collaboratively with the Wirex team. It was a global effort, with the Wirex project manager based in Ukraine, the compliance team in the UK and Singapore, and its processor in the US.
Using the next-generation of payments infrastructure, Wirex is leading the mainstream adoption of digital currencies. Wirex was the first company in the world to develop a contactless crypto-compatible debit card, allowing customers to convert cryptocurrencies to Singapore dollars and be spent in-store on a Visa card. The Wirex card enables users to spend up to 20 traditional and cryptocurrencies at more than 54 million locations worldwide.
Wirex has experienced considerable growth recently, reaching three million users globally. Expansion in Asia Pacific is focused on providing additional functionality and expansion into new countries. The partnership with Railsbank is key to delivering this growth.
Louisa Murray Head of Sales at Railsbank, said: “We’re delighted to lead the Wirex migration and especially pleased that it took less than 45 days to complete. Fintech companies from all over the world are migrating to Railsbank. We look forward to working closely with Wirex over the coming months.”
Pavel Matveev, CEO and co-founder of Wirex, explained how he believes that entering a new partnership with Railsbank represents a great step forward for the platform’s growth. He said: “Wirex’s strategic partnership with Railsbank allows us to continue empowering our customers to buy, hold, exchange and spend multiple currencies – both traditional and digital.”
Railsbank is headquartered in London and has offices in Singapore, the US, Australia, Lithuania, Munich, the Philippines, Vietnam and Sri Lanka.