Wirex has announced a partnership with Railsbank that will see the London-based FinTech provide Wirex cards in the APAC region. The move represents a rapid migration of existing and new customers away from Wirecard, who previously acted as our card provider in the APAC region.
Who is Railsbank?
Railsbank is a renowned, highly-respected global open banking platform that will be responsible for the card issuing service for our rapidly-growing customer base in the APAC region. Existing APAC customers will have their Wirex cards automatically migrated to Railsbank, which means they can continue using Wirex’s industry-leading services as normal.
Growing Wirex in APAC
Using the next-generation of payments infrastructure, we are helping to encourage the mainstream adoption of cryptocurrency. The first company in the world to offer a crypto-enabled pre-paid/debit card, Wirex gives users the ability to spend up to 20 fiat and cryptocurrencies at more than 54 million locations worldwide. For every in-store purchase made, Wirex automatically rewards customers with up to 1.5% back in bitcoin, as part of the Cryptoback™ rewards programme - another world first product.
Wirex has experienced considerable growth in the past 18 months, reaching 3 million users, launching in APAC and achieving their highest volume of transactions on a single day in APAC in May this year. We have since focused on providing additional functionality in the APAC region, with aims to expand into new territories; working with Railsbank as their new card issuer will help to facilitate this growth.
Forming New Partnerships
Wirex works with multiple regulated and trusted card issuers in different regions and Pavel Matveev, our CEO and co-founder, explains how he believes that entering a new partnership with Railsbank represents a great step forward for the platform’s growth in APAC.
“Wirex’s new partnership with Railsbank reinforces our core goal of protecting existing customers’ funds, whilst continuing to innovate in a legal and compliant manner. Working alongside them allows us to continue empowering our customers to buy, hold, exchange and spend multiple traditional and cryptocurrencies whilst minimising the risk to their funds.”
Louisa Murray, Head of Sales at Railsbank, said: “We are very happy to help with migration and especially pleased that it took less than 45 days to complete. It’s interesting that many companies are now coming to us with the same request, to migrate them onto the Railsbank technology platform. We look forward to working closely with Wirex over the coming months.”
What does this mean for Wirex customers?
There will be no service interruption for users during the migration process, and Wirex customers in APAC will have no issues accessing their account, transferring funds, or using the app. Customer’s account and card details will remain the same, and users will not need to transfer their funds over.
Full terms and conditions can be found here: Issue terms.