We have seen a few questions floating around about the recent announcement with Mastercard. Therefore, we thought it would be useful to create an FAQ post that addressed the most commonly asked questions.
What are you hoping will come out of this partnership for Wirex?
Having Mastercard as a partner will not only help to reassure consumers and give them the confidence that Wirex and cryptocurrency is a trusted solution for everyday payments, but allow us to develop our product and ensure we continue to offer the best in-class cryptocurrency payments solution.
Do you have a release date for when you will be launching the new Mastercard partnership and will all customers need to get new cards issued?
The Mastercard announcement marks the start of a new phase at Wirex that will revolutionise the fintech and cryptocurrency spaces. Later this year, we are planning to launch a next-generation of Wirex card for customers in the EEA region, with game-changing features including additional currencies, free international ATM withdrawals, sky-high limits and next-to-no fees, that will ensure it has a significant advantage over our competitors, some of which will be assisted with our burgeoning relationship with Mastercard. While it will not be compulsory to get a new card issued, we think you’ll want to!
Can we still keep the Visa cards when Mastercard is added? Will features be changed and/or upgraded such as implementing no monthly fees?
Moving forward, we will continue working with both Mastercard and Visa for different customers in different regions. We will be launching a lot of new features and getting into new territories over the next 6 months, but please know that we are assessing the best options at the moment for different customers and their needs, to ensure that we continue offering the best in-class product.
Will the current VISA cards be transitioned out and cease to be supported by Wirex?
With 3 million customers across the globe, we currently issue cards across Singapore and Europe, and have plans to launch in the US later this year. We will continue working with Visa for some customers across the world, but our new partnership with Mastercard means that we can choose the best options for our customers, as well as the release of our next-generation product in EEA later this year.