Payment companies are expanding their partnerships to grab market share in the crypto-based prepaid card market

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Crypto-enabled payment cards gained immense popularity in the last eight quarters. As consumers were looking out for additional revenue streams during this period, cryptocurrency gained widespread adoption among consumers across the globe. Consequently, payment companies are expanding their partnerships to capitalize on the trend.

In February 2022, global digital payment and banking technology provider i2c Inc. had partnered with cryptocurrency and fiat payment platform, Wirex to bring its prepaid multi-currency debit card to the United States market. This launch is particularly an expansion of the partnership between the two companies built in December 2019 to launch prepaid crypto-enabled cards in the APAC and European regions. Notably, both the companies have been working together for four years, helping the payments system to get redefined globally.

With the increasing demand for Wirex Card among consumers around the world, the companies expanded the partnership to capture the United States market and generate revenue from a medium to long term perspective. This prepaid card will enable Wirex cardholders of the United States to manage and use multiple currencies while traveling and also earn 8% in crypto rewards for all in-store and online purchases helping the cardholder abolish travel exchange fees in the transactions.

Since a single prepaid card and an app will provide flexibility and easy payments helping the customer travel and spend using multiple fiat and cryptocurrencies, the product is likely to acquire a significant customer base over the next four to six quarters in the country.

Moreover, with the help of the Wirex Card, the customers can purchase, exchange, store, and spend in USD and around 30 cryptocurrencies at more than 80 million merchant locations globally. The card is also characterized by easy debit card top-up payments, removal of annual fees, near-instant crypto transactions, and also live notifications of transactions made.

According to PayNXT360, the global cryptocurrency-based payment card market is poised to grow by around 35% in the next six years. Especially the Asia Pacific region is expected to witness the highest growth during this period.

To know more and gain a deeper understanding of the global prepaid card market, click here.