As we know, the Mastercard Wirex crypto card is not new to the blockchain landscape, while the addition of the EURS stablecoin to the Wirex app is more recent. Below we look at some of its benefits and other new features.
Features of the Mastercard crypto card and EURS stablecoin
Payments giant Mastercard is not new to blockchain technology, in fact it has been offering crypto cards that allow digital currencies to be used for purchases for some time.
Specifically, today we’re looking at the Mastercard Wirex card, which allows you to earn euros on a 1:1 basis through a bank account. In particular, it has recently been made possible to load the Wirex card with the recently added EURS stablecoin via Mastercard in the app.
The advantages of the full version of the app and the Wirex card are several. First of all, we see the multi-currency contactless Mastercard, which allows spending in both fiat and cryptocurrencies, automatically converting them into local currency at OTC/interbank rates.
Then there is the ability to pay in-store, online or withdraw cash at ATMs and also CryptobackTM (instant cashback paid in cryptocurrencies) from 0.5% to 8% (depending on account level) on ALL card transactions except ATM withdrawals.
There is also the ability to receive, send, hold and exchange any of over 130 traditional and digital currencies via bank transfer (UK Faster Payments for GBP and SEPA for EUR) or blockchain (with the aim of covering all Firebricks-supported chains/tokens in the coming months).
Another key feature is zero fees on all fiat exchange and stablecoin transactions, including card spend. There is also Wirex Credit, which offers the possibility to borrow USD (stablecoin) against crypto assets.
The latter in particular will soon be available with a direct link to the card, effectively making it a crypto credit card. Finally, there are the high-yield X accounts, which pay up to 16% APY on both crypto and fiat deposits.
EURS: Europe’s leading stablecoin added to Wirex
As expected, EUROS is the world’s most popular European stablecoin, being a reliable digital asset backed 1:1 by the euro and originating from the heart of EU fintech, Malta.
In particular, it is described as the only ‘pure’ euro stablecoin, with no legal, collateral or banking risk outside the EU, maximum transparency and a four-year track record of success verified by BDO.
In addition, it helps to manage decentralised payments for various instances by using an advanced multi-blockchain infrastructure that takes the stress out of the equation.
As such, EURS is specifically designed to bridge the gap between traditional and digital economies by combining the benefits of blockchain technology with the stability of the euro.
Furthermore, EUROS is the first stablecoin to introduce delegated payments on the Ethereum blockchain. This means that users no longer have to worry about paying high gas fees to make transactions.
Instead, they can pay transaction fees using EURS or any other digital currency supported by the STASIS wallet.
For all these reasons and the countless benefits mentioned above, Wirex, one of the most popular digital payment platforms, recently expanded its stablecoin selection in the app to include EURS.
Partnership between Wirex and Transfero for crypto expansion in Brazil
Wirex recently announced a strategic partnership with Brazil’s leading blockchain solutions company, Transfero.
The integration with the latter is no coincidence, as through Transfero, Brazilian customers can now use PIX to instantly reload and withdraw from their Wirex account or bank, free of charge.
Remember that PIX is an extremely popular instant payment method in Brazil. Wirex’s goal is to continue to expand the facilitation of the crypto universe.
The fact that it chose Brazil is symbolic for Wirex, as the adoption of cryptocurrencies is growing astronomically across Latin America, and in December 2022, Brazil legalised cryptocurrency payments.
Not only that, but by the end of the year, Wirex aims to offer its cryptocurrency-enabled debit card in Brazil, allowing customers to spend in multiple currencies at over 80 million locations worldwide while earning crypto rewards.
Source: https://en.cryptonomist.ch/2023/05/20/mastercard-cryptos-eurs-stablecoin/