Wirex taps Modulr to add SEPA Instant and Faster Payments for UK and European users

Rick Steves

“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.”

wirex

Wirex has added SEPA Instant and Faster Payments so that its customers in the UK and the European Economic Area can transfer British Pounds and Euros more easily between their Wirex and bank accounts.

The new capabilities are powered by digital payment infrastructure provider, Modulr, which offers popular deposit and withdrawal methods, SEPA, and Faster Payments, to Wirex UK and EEA users. Integrating the new payment methods will make it easier for users to top up and withdraw from their accounts.

Wirex users already amount to 5 million and a significant portion of them are based in the United Kingdom and Europe.

The crypto platform allows users to buy, hold, exchange, and sell multiple traditional and crypto currencies from within the Wirex app as well as spend these currencies in everyday life at over 80 million locations globally using the Wirex Mastercard.

Pavel Matveev, CEO and Co-Founder at Wirex, 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.”

SEPA to move EUR, Faster Payments to move GBP

Integrating SEPA (Single Euro Payments Area) payments 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 for transferring from their bank account to Wirex, as well as send Euros to compatible bank accounts.

Faster Payments allow UK users to instantly send and receive GBP to/from their Wirex and bank accounts.

Wirex will soon roll out Plaid, a top-up and withdrawal method across the UK, EEA and US regions.

Earlier this month, Wirex made its crypto-backed credit lines available to UK users, with WXT as a token to be used as collateral, in an effort to expand the Wirex Credit program to new regions with additional features.

Wirex Credit was launched in July in Europe and Asia and allows users to borrow crypto-backed credit lines of up to $100,000. Now, the crypto lending service is available in the United Kingdom as well.

The product allows its 5 million users to instantly borrow stablecoins starting at 0% interest, with no origination or set-up fee. Users can take out up to 5 credit lines at once, with no credit or affordability checks required.

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