Wirex gets it. Cryptos are only as valuable as the accompanying level of usability. Is this what mass adoption of bitcoin looks like?
UK-based group Wirex is now offering a free virtual debit card through its pre-existing app. A user can easily download the app, register their account, download the card and then choose to load it with a variety of currency options.(Currently EUR, GBP, USD or BTC.) The card can then be used to perform fiat-to-fiat conversions, as an online banking platform accessible worldwide, to verify Paypal accounts, among many things. The card can also be used in any place that Visa or Mastercard are accepted.
The virtual debit card also allows the purchase of bitcoin through Paypal in 37 countries. As many have discussed previously, connectivity to real world applications has been a huge hurdle for cryptos. Regarding the new offering Pavel Matveev, co-founder of Wirex says,
Simply order the virtual card through Wirex app and now users can spend bitcoins anywhere Visa and Mastercard are accepted. We’re happy to give a lot more spending power to bitcoin users.
More details regarding the usage and procedures of using the virtual card can be found here.
Highly visible moves like this are exactly what the crypto communities need to expand to a larger user base. In a technology that ultimately promises lower friction and borderless capabilities, there must be attention paid the infrastructure of payment systems. That is precisely what Wirex aims to do with the release of this card. We are witnessing the confluence of previously unconnected financial technology.
Certainly, others are thinking in the same direction, but it is nonetheless exciting to see development, dollars and highly visible press releases directed at this goal. Ultimately the ability to transact without friction across borders could be a massive boon to the world economy as labor could easily travel, be remunerated for their efforts, and spend value freely.
Images from Wirex.