Mastercard Now Allows Crypto Firm Wirex to Issue Payment Cards
Mastercard said Wirex is the first crypto company to become a principal member, meaning it can directly issue payment cards to its customers.
Jul 20, 2020 at 9:01 a.m. UTCUpdated Aug 19, 2021 at 3:12 a.m. UTC
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Mastercard, one of the world’s largest payments processors, says Wirex has become the first native crypto company to be able to directly issue payment cards to its customers.
- As part of an expansion of its cryptocurrency program, Mastercard said Monday it had granted Wirex principal membership status.
- Regulated by the U.K.'s Financial Conduct Authority (FCA), Wirex offers a payment facility that automatically exchanges crypto into fiat currencies.
- Wirex's original card had been with rival Visa; the company will now be able to use Mastercard's network for fiat currency payments.
- Mastercard processed more than $1.6 trillion in Q1 2020; an 8% increase year-on-year.
- Raj Dhamodharan, Mastercard's executive vice president on digital assets and blockchain, said the company wanted to work within a maturing cryptocurrency industry.
- Mastercard also said it had made its processes easier for other crypto companies to become principal members as well as access some of its acceleration programs.
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