Expanding payment access across institutions is fast becoming a focus among money services providers. Accordingly, one of the world’s leading payment platforms, Wirex, has unveiled USD Coin (USDC) for payment on the Stellar network.
Wirex Include Stellar Blockchain on Payment System
The rise of stablecoins in payment settlement is gaining traction as the fiat-based digital asset continues to enjoy wider adoption.
Therefore, Wirex’s partnership with the Stellar Development Foundation (SDF) will expand Stellar-based assets. As a result, Wirex launched the USDC token on the Stellar Blockchain via its app.
With stablecoin use rapidly growing, Wirex has followed suit by increasing the number of stablecoins available to users. Its 5 million users now have greater flexibility in choosing tokens to buy, sell, or trade on the Wirex platform.
Customers enjoyed quick transaction time, low costs, and seamless access to decentralized finance (DeFi) stocks.
Meanwhile, Wirex announced that support for USDC will soon be available on its app. Users can save or spend their USDC tokens in real life using the firm’s crypto-based debit cards. Wirex has some incentives for all store or online purchases. Users get to earn 8% of WTX in rewards.
USDC is a reserve-backed stablecoin developed and issued by a U.S-based fintech, Circle. It is currently redeemable at a ratio of 1:1 to the US dollar. Moreover, the tokens’ reserve is in the custody of United States financial institutions and managed by Grant Thornton LLP, a prominent auditing firm.
Strengthening Strategic Partnership
Since 2019, Wirex and SDF have been partners driven by a common goal of expanding access to digital payment. With the collaboration, Wirex users can access Stellar-based digital assets, including USDC, in over 30 countries and across Europe.
Stellar’s Chief Growth Officer, Kiel Dowlin, commented on the latest development. He stressed that the digital economy is the future of corporate businesses and that stablecoins will play a critical role due to their payment utility.
“Providing support for multi-chain stablecoins like USDC will give users the flexibility to access affordable transactions and to facilitate worldwide micro-payments.”
Similarly, Ada Vaughan, the SDF’s Growth Strategist, noted that the opportunity to leverage the Wirex platform is one the company is excited about. “The combination of Wirex’s user-friendly application and payment cards alongside Stellar’s network abilities will prove effective,” added Vaughan.
With the recent collaboration, the company is excited to grant access to USDC on Stellar to millions of users globally.
The Rise of Digital Payment
The internet revolution is rapidly replacing the traditional method of payment used for centuries. As the digital trend continues to gain traction, many consumers opt for digital payments instead of physical cash.
Similarly, retail outlets now provide payment options to consumers in response to the increased demand for cashless payments.
The emergence of cryptocurrency has redefined how payment is made for goods and services. With just a wallet, crypto holders could be able to pay for their utilities on specific merchant platforms, provided the receiver has integrated such a payment system.
Traditional payment platforms like MasterCard and VISA have embraced the crypto revolution by partnering with exchanges to facilitate payments. Industry experts believe there is still some way to go before this becomes mainstream.
Consumers see contactless payments as the new shift in the retail payment gateway. Meanwhile, with cryptocurrency set to become the future of money, retail cashless transactions would likely shoot up in the coming years.