Copying Wirex Pay: Redefining Composable Web3 Payments

In today’s rapidly evolving financial environment, more transactions and users are moving to on-chain and self-custody solutions. This trend is being driven by enhanced blockchain infrastructure that provides an on-chain Web2 user experience, and a growing distrust of centralized platforms. Wirex Pay is at the forefront of this change, creating a unique bridge between traditional payment systems and the emerging Web3 ecosystem.

We are witnessing two distinctive movements in the market. Increasing regulatory pressure is driving centralized and custodial platforms to move on-chain, while lack of trust in centralized platforms is driving users to go on-chain.

This dual migration will be accelerated by advances in blockchain technology, allowing us to build Web2 user experiences with on-chain and self-custody capabilities.

Despite the increase in on-chain activity, there is a notable lack of Web3-native composable payment infrastructure. Current on- and off-ramps are plagued by inefficiencies, high costs, and delays due to multiple intermediaries and regulatory hurdles. Wirex Pay aims to address these issues by providing a streamlined, decentralized payment solution.

Wirex Pay offers unique integration of blockchain technology with traditional payment systems such as SEPA, Visa, and Mastercard. This allows users to enjoy the benefits of both through a single platform without losing control of their funds.

The platform’s innovative architecture supports seamless payments directly from self-custodial wallets, ensuring security and efficiency.

Wirex Pay provides a step-by-step process to facilitate purchases directly from your self-custodial wallet.

1. Order Wirex Pay cards: Users can order virtual or physical cards via the Wirex Pay dApp SDK or smart contract.
   
   

2. KYC Process: Our simple and efficient KYC process takes approximately 2 minutes.
   
   

3. Account Abstraction (AA): AA is created on top of the Wirex Pay chain and is controlled only by the user through a private key.
   
   

4. Card and IBAN Issuance: User receives a personal or corporate card and IBAN linked to the AA.
   
   

5. Card Delivery: We have a variety of delivery options including standard and next day.
   
   

6. Funding your account: Users can send stablecoins or cryptocurrencies to their spending accounts.
   
   

7. KYT Compliance: Transactions are inspected for compliance using Chainaracy.
   
   

8. Use your card: Wirex Pay cards can be used at over 80 million merchants in over 200 countries.
   
   

9. Visa/Mastercard payments: Crypto assets are converted to USDC and settled on-chain using card schemes.
   
   

10. Transaction management: Users manage their cards and transactions through a non-custodial wallet.

Wirex Pay supports easy payments directly from users’ favorite self-custodial wallets, ensuring a seamless and secure payment experience. This feature significantly expands the potential and addressable market, enabling millions of non-custodial wallet users to make payments globally, thereby democratizing access to decentralized finance.

Wirex Pay’s unique architecture allows users to enjoy the best of both worlds from a single platform, without us retaining your funds or taking away control.

The network leverages the ZK rollup Polygon CDK stack, which is compliant with traditional financial payment acceptance standards (ISO 8583). This innovative design handles the complex task of integrating on-chain transaction processing with legacy systems such as SEPA, Visa, Mastercard, PIX, Apple Pay, Google Pay, and Alipay.

Our infrastructure allows users to experience seamless and efficient transactions while enjoying the benefits of both traditional and blockchain-based payment systems.

Wirex Pay seeks to revolutionize the payments landscape by providing a configurable, decentralized payments infrastructure. Our unique blend of traditional financial systems and cutting-edge blockchain technology ensures a secure, efficient, and user-friendly payment solution. With the upcoming mainnet launch, Wirex Pay will lead the future of global payments.