Wirex Pay launches crypto payments with no retention requirement

Web3 money app Wirex has announced the early access of Wirex Pay, a modular chain designed specifically for payments. This announcement comes at a time when trust in centralized platforms is declining, and there is a shift towards self-managed wallets.

Wirex Pay app was made available for download to select users on October 9, allowing them to make daily payments using cryptocurrencies through their non-custodial wallet.

In a recent conversation with Cointelegraph, Pavel Matveev, co-founder of Wirex Pay, highlighted the lack of confidence among investors following events like the collapse of FTX and Celsius. Wirex Pay aims to address this trend by giving users full control over their funds through private keys, multisignature methods, and other security features.

Users of Wirex Pay are essentially giving temporary permission for the app to debit their account up to a certain limit. This allows users to break down barriers between crypto and everyday transactions, giving them the freedom to spend their assets securely.

To be eligible for Wirex Pay, users must follow a 10-step process that includes ordering a plastic or virtual card, completing Know Your Customer (KYC) verification, connecting a crypto wallet, and depositing funds into the account.

Wirex Pay supports Tether (USDT), USD coin (USDC), and Dai (DAI) for top-ups and payments. The service is available in 54 countries, excluding the United States.

Wirex Pay also allows users to bridge holdings from the Ethereum blockchain in exchange for gas fees. Major payment card service Mastercard has recently expanded support for non-custodial cryptocurrency wallets in collaboration with European crypto payment infrastructure provider Mercuryo.

The Mastercard-Mercuryo partnership enables users to spend stored crypto through self-custody. Christian Rau, senior vice president of Mastercard’s crypto and fintech enablement, emphasized the importance of working with partners to innovate and improve the self-managed wallet experience.

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