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.

AccessTimeIconJul 20, 2020 at 9:01 a.m. UTC
Updated Sep 14, 2021 at 9:33 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



Read more about