The Wirex Payment Network

Secure and instant digital payments

Providing merchants, liquidity providers, small businesses and trading platforms with:

Instant global multi-currency payment solutions

Fully-automated trustless blockchain environment for M2M payments

Zero blockchain fees, gateway fees, or customer chargebacks

A multi asset off-chain liquidity network powered by smart contract technology, enabling ultra-low cost instant payments on a global scale.

2013
2013 December First cryptocurrency card issued
2015
2015 August Bitcoin W-Pay BETA
2016
2016 February W-Pay/VISA network integration
June 40+ altcoins support
November 200+ FIAT currencies support
2017
2017 June $1 billion transaction volume reached
September Official launch
October Available to business partners
November Available to all participants
W-Pay was initially inspired by the Lightning Network and was launched in early 2015 following a rebrand of e-coin. 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

Fiat
Crypto
On Chain VS Off Chain
Liquidity

At the heart of all Wirex services, the 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.

We are constantly adding new liquidity providers, with over $1 billion in value of transactions processed in the OTC market.

How W-Pay Works

Wirex Payment Network

  • Liquidity Providers
  • PSD2 integration
  • Banks
  • Payment processing
  • Visa network
  • Security
  • Multi-crypto blockchain connections

Network participants establish a bidirectional payment channel by placing funds into a multisignature “channel” address. Once the channel is established, counterparties can start exchanging payments.

The current balance is stored as the most recent transaction signed by both parties. To make a payment, both parties sign a new exit transaction spending from the channel address.

The network does not require cooperation from the counterparty and both sides can exit the channel based on agreed rules of the system. Once the channel is closed, final balances are broadcast to the blockchain.

W-Pay enables new levels of transaction between parties that were previously impossible via financial systems vulnerable to monopolisation. Without the need for custodial trust and ownership, participation on the network can be dynamic and open for all.

W-Pay 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. Such a unique blend allows our partners to implement complex money flows, which were previously not possible for consumer personal finance.

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.

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.

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.

Payment Service Directive (PSD2). 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.

W-Pay Infrastructure

We’ve built 100% of our platform in house. We own the full technology stack, giving us the 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 revolutionising the payment industry; making transactions faster, more secure and more cost effective for everyone. W-Pay provides access to a multi-asset global network of liquidity providers which trades in a fully automated and transparent environment.

Who Benefits From W-Pay?

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 monetise their liquidity reserves.

  • Access to multi-asset liquidity network with global reach.
  • New revenue streams. W-Pay supports per-transaction and percentage-based revenue models.
  • Built-in accounting system.

Merchants

W-Pay is 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.

  • Global reach, W-Pay allows merchants to accept payments on a global scale
  • No blockchain fees or payment gateway fees
  • No chargebacks
  • Instant settlement. W-Pay allows merchants to receive settlement the same second
  • Multiple currencies (FIAT and CRYPTO) are supported
  • Reward/Loyalty points can be made tradable via tokenised assets

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.

  • Instant micropayments
  • No blockchain fees or payment gateway fees
  • No chargebacks
  • Trustless and fully automated environment

Small Businesses

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.

  • Single API and one integration
  • Multiple currencies (FIAT and CRYPTO) are supported
  • Corporate accounts
  • Added value for existing customer base

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.

  • Access to multi-asset liquidity network with global reach
  • Multiple currencies (FIAT and CRYPTO) are supported
  • Arbitrage opportunities
  • Vast liquidity pool

Long-Term Savers and Holders

Many of our customers want the ability to store a variety of cryptocurrencies while also taking advantage of exchange rate fluctuations, similar to holding a traditional multi-currency account at an international bank like CitiBank or HSBC. On the Wirex platform, 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.

  • Access to multi-asset liquidity network with global reach
  • Multiple currencies (FIAT and CRYPTO) are supported
  • Excellent hedging solution

Consumers

Our infrastructure gives customers the best access to competitive exchange rates with zero fees via a deep pool of liquidity. Consumer products are available via the homepage at wirexapp.com

  • Lowest/competitive exchange rate
  • No blockchain fees with transactions within Wirex network
  • Access to VISA network
  • Over 40 million merchants in 210+ countries to spend with

Get in touch

Wirex is now accepting new enquiries for W-Pay Network partners. W-Pay is currently operating on an invitation-only basis. Please use the contact form below to get in touch

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Frequently Asked Questions

Why choose Wirex and W-Pay?

Wirex has a proven track record as an early innovator in blockchain personal finance, now with interoperable infrastructure for merchant payment and liquidity solutions. A global first.

Is it production-ready?

W-Pay is currently available by invitation only. Please contact us at partners@wirexapp.com to get the ball rolling. W-Pay will be available to all partners in Q4 2017.

How to integrate?

We offer multiple integration options, depending on user type (Liquidity Provider, Merchant or End User). Options vary from cross blockchain integration to simple REST API.

How scalable is W-Pay?

The unique approach taken with W-Pay infrastructure enables us to build systems free from legacy constraints by using blockchain technology that is quickly revolutionising the payment industry; making transactions faster, more secure and more cost effective. Scalability for everyone.