Wirex, Stellar, and Visa Unite to Bring On-Chain Card Settlement Worldwide
0
0
Wirex has implemented a new payment standard for the world as it has launched dual-stablecoin settlement in USDC and EURC on the Stellar network. The company provided information in an official press release, which proves that it is completely integrated with Visa and has a strong cooperation with Stellar Development Foundation. It is one of the largest real-world uses of on-chain settlement by a large fintech firm functioning on a global scale.
How the New System Works
The new settlement design is one that transfers one of the primary elements of card processing out of the traditional banking rails and into blockchain infrastructure. Customers of Wirex can now count on settlement through Circle-issued USDC and EURC with the transfer of payments proceeding over the Stellar network.
This gets rid of the delays caused by the traditional correspondent banking system and the transactions can be cleared in a shorter period and with greater transparency.
Wirex claims that the change is smooth to its community of more than 7 million users. The Wirex Visa cards will keep working as normal, yet in the background, settlement will take place on-chain in real time. This reduces the use of slow banking networks and offers more predictable and efficient operations at the back end to both the users and merchants.
Core Benefits for Global Consumers
A variety of improvements are opened by this model of dual-stablecoin settlement:
Faster, Near Real-Time Settlement
The conventional method of card settlement can require hours or days. The on-chain features of Stellar make the settlement fast, particularly between cross-border corridors.
Lower Fees in Global Markets
On-chain settlement lowers the cost of operation that is linked to banking intermediaries. This may result in lower prices to the partners, merchants, and even to final users when the model grows.
24/7 Operational Availability
The Stellar network is an uninterrupted network. Wirex payments may now be settled on weekends, holidays and various time zones without any restrictions to banking hours.
High Transparency at the Protocol Layer
The blockchain settlement provides better visibility of fund flows to partners and regulators and leads to better auditability and compliance tracking.
Support for USD and EUR Stablecoins
Dual-stablecoin availability provides two of the most significant fiat currencies worldwide, greatly increasing the global applications of Wirex.
Wirex Pay Chain: The Infrastructure Behind the Upgrade
Wirex Pay Chain is the settlement infrastructure on which this overhaul will function, which is also a stablecoin. The system links self-custody digital wallets to real time card and banking payment systems. It serves as the interface between blockchain rails and regular payment networks allowing Wirex to operate in a user-friendly manner and modernize the backend.
Notably, at Wirex, there is a focus on the idea that people do not have to learn new tools and modify their spending behavior. Cards work similarly, whereas the concealed payment layer is made more efficient, scalable, and in line with future trends in financial technologies.
A Milestone for Real-World Blockchain Adoption
The collaboration with Stellar is a turning point towards the use of blockchain in settlement. Stablecoin settlement is a concept that has been debated over the years as a potential advancement in international payments. The idea is no longer at the theoretical stage with this launch, but instead it is in operation globally as infrastructure.
The Visa integration only attests to the fact that the model is also effective, and legacy payment networks can collaborate with blockchain ecosystems to enhance speed, reliability, and cost-effectiveness.
0
0
Manage all your crypto, NFT and DeFi from one placeSecurely connect the portfolio you’re using to start.
0
0
