Wirex introduces new payment methods, SEPA Instant and Faster Payments

By Joy Dumasia

Wirex, the crypto platform, has enabled users to top up and withdraw from their accounts by introducing new payment methods. The addition of SEPA Instant and Faster Payments will mean customers in the UK and EEA can transfer British Pounds and Euros more easily between their Wirex and bank accounts.

Wirex’s mission has been to enable everyone to access the benefits of crypto, and giving their 5 million customers complete control over managing their funds is a vital part of that. Wirex has partnered with digital payment infrastructure provider, Modulr to introduce popular deposit and withdrawal methods, SEPA and Faster Payments, to their UK and EEA users. In addition to the debit/credit card top-up method already offered, this will give customers more flexibility to choose how they wish to transfer funds in and out of their Wirex account instantly and at no cost.

With even more ways to transfer funds, users can instantly begin buying, holding, exchanging or selling multiple traditional and cryptocurrencies from within the intuitive Wirex app. Alternatively, they can then spend these currencies in everyday life at over 80 million locations globally using the Wirex Mastercard.

SEPA (Single Euro Payments Area) is a popular method for bank transfers and will provide an easy on/off-ramp for UK and EEA Wirex users to move EUR directly between Wirex and their bank account. Every user activating a Euro wallet within the Wirex app can access a unique IBAN and BIC to transfer from their bank account to Wirex and send Euros to compatible bank accounts.

Faster Payments allow UK users to instantly send and receive GBP to/from their Wirex and bank accounts. A top-up method rarely offered by competitors, users will get their own unique sort code and account number from Wirex and can benefit from high transaction limits and zero fees.

Pavel Matveev, CEO and Co-Founder, said: “Offering additional choice and flexibility with the introduction of new top-up and withdrawal methods puts our Wirex users in charge of their money. The UK and EEA regions make up the majority of our customer base, and with SEPA and Faster Payments being widely used, we know that this change will have a huge impact on them.”

Recently, IBS Intelligence reported that Wirex, a crypto and payments ecosystem, has expanded the Wirex Credit program to new regions and developed additional features. Their crypto-back credit lines are now available to UK users and have added WXT as a token to be used as collateral.