Posts Tagged ‘WaveCrest

Wirex has started relaunching their services with a new Visa debit crypto powered cards that can currently take BTC (Bitcoin) and LTC (LTC) and be spent via the card after you convert them to fiat. The company has been shipping their new plastic cards to customers for a bit already and we are happy that we managed to get ours pretty quickly delivered, activated and now ready for some shopping (testing). The new feature called Cryptoback is what we are eager to test out is essentially a reward scheme that gives you back 0.5% of each in-store purchase back in crypto, so a nice little extra. The cards are Wirex branded Visa Debit, contactless and apparently issued by Contis from UK. So if you are looking for a convenient way to spend BTC and/or LTC just like you would with a normal bank debit card, then you might want to check what does Wirex offer you.

Fore more information about the Wirex crypto-powered debit cards and the Cryptoback feature…

Wirex has been busy relaunching their crypto powered payment cards service and after the recent availability of virtual cards the company has also started rolling our plastic cards again starting with UK, though other countries should follow shortly. Last month Litecoin (LTC) support was added with more crypto currencies apparently to follow soon apparently. What is more interesting is one new feature that has been just announced called Cryptoback, essentially a reward scheme that gives you back 0.5% of each in-store purchase as crypto. This means that you will earn 0.5% of all in-store purchases you make using the Wirex payment card, redeemable in Bitcoin and with no monthly cap.

We cannot wait to get our new plastic debit cards from Wirex. We have been using the company’s crypto cards even before rebranding to Wirex, since they were still called E-Coin, and are really happy to see that they are getting back into the game after the WaveCrest issue from the begging of this year that has created problems for a lot of companies offering similar crypto-powered products. Do you thing that the next logical step is for crypto banks to start appearing…

Fore more information about the Wirex cryptopowered debit cards and the Cryptoback feature…

It seems that WaveCrest is also terminating their prepaid MasterCard cards powered by crypto currencies, but unlike the sudden surprise at the beginning of this year with their Visa issued cards, now at least it is not entirely “effective immediately”. There is 1 month grace period for users to either use the funds or withdraw them, though loading up money to the card has been stopped effective immediately. Below is a quote of the official email that WaveCrest has been sending to its customers regarding the situation…

Dear Cardholder,

We regret to inform you that from the 27 February 2018, we will no longer be able to service your MyChoice Prepaid Debit Card.

You should, therefore, use up or remove any balance on your card before that date. We will block the loading of new funds to your card effective immediately to help avoid any balance remaining on your card. You will be able to request that any remaining balance on your card after 27 February 2018 be refunded to you in line with the Cardholder Agreement.

Unverified cards must be verified in order to be eligible for a refund. Please note that any funds that remain on your account after this date will continue to be subject to the terms of the Cardholder Agreement (other than as set out in this email). You can find the Cardholder Terms here.

Please also note that we have taken the decision to set new daily ATM limits to EUR 1000/USD 1000/GBP 800 for transaction inside the SEPA region; transaction outside of SEPA will be limited to EUR 500/USD 500/GBP 400.

We apologize for any inconvenience caused. If you have any questions, please contact us at support15@xxx.com.

Kind regards,
WaveCrest

It seems that the crypto services offering prepaid MasterCard bank cards powered by Bitcoin and/or other crypto currencies will need to find an alternative issuer for their customers, just like the ones affected by the WaveCrest VISA ban form earlier that month. It is a fact that the main issuer for most of these services, at least in Europe, was WaveCrest using Visa along with some using MasterCard. The services that were surprised at the start of the year are reporting that they are already working with new card issuers to restore their functionality, though it could still take up a few more months. Meanwhile other innovative financial services that are not originally crypto oriented may use the opportunity to gain a lot of new users by providing attractive and useful services and maybe even slowly introducing cryptocurrency support.


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