Getting Started with Wirex Pay

Wirex Pay is a comprehensive solution designed to globally issue cards to customers through Wirex Pay APIs, revolutionizing digital payments with seamless integration and scalability.

Use Case

Wirex Pay allows businesses to issue cards globally to their customers through a unified and efficient infrastructure. By utilizing Wirex Pay APIs, companies can provide their customers with secure and convenient access to digital payment methods, supported by stablecoin wallets and robust backend capabilities.

Capabilities

Wirex Pay enables global card issuance through a single Bank Identification Number (BIN). Each customer is allocated a Wirex Pay Virtual Account linked to a stablecoin wallet, providing flexibility and financial autonomy. The system issues cards with balances dynamically tied to the funds available in the linked wallets.

For example, if an employer deposits stablecoins into a Wirex Pay. These stablecoins are settled into the customer’s associated wallet, and the card’s spending limit is updated based on the new wallet balance. Customers can then access and spend their funds using virtual cards, physical cards, or through digital wallets, ensuring an all-encompassing payment experience.

Program Management

Wirex Pay undertakes essential program management responsibilities to ensure the smooth operation of its payment ecosystem. This includes managing transaction decision-making, risk mitigation, and the daily settlement flows between the banks and card networks. By owning these key functions, Wirex Pay ensures that operations run smoothly and efficiently.

Authorization & Funds Flow

Wirex Pay handles transaction authorization and fund flows by implementing robust decision-making at the authorization stage. This process includes real-time checks for sufficient fund balances, fraud controls that utilize network scores and issuer-processor services, and fund collection mechanisms from both custodial and self-custodial wallets. This layered approach secures transactions and maintains the integrity of the payment system.

Settlement

The settlement process is conducted using standard practices, where merchant capture leads to the clearing and transfer of funds from the issuing bank to the merchant’s bank. Looking ahead, Wirex Pay aims to explore innovative programs that support daily settlements in stablecoins, though this remains a long-term goal.