Wirex Introduces Decentralized Crypto Debit Card, W-Pay

On October 3, Wirex, a crypto payment service provider, announced the launch of W-Pay, a zero-knowledge proof (ZK-proof)-based non-custodial crypto debit card service.

Wirex’s new decentralized solution uses zero-knowledge technology and is based on Polygon’s Chain Development Kit (CDK), with the promise of law enforcement-grade security.

Built with ZK-proofs in mind, Polygon’s CDK enables companies and consumers to create their own ZK-powered layer-2 rail.

Scalability solutions based on ZK proofs have gained popularity in the crypto industry, as the ZK protocol enables one party to prove to another that something is true without disclosing the claim’s specifics.

Over time, Ethereum and other cryptocurrencies like Polygon have seen the most advancements in ZK-proofs. W-Pay provides an array of innovative features that enable non-custodial wallets and decentralized applications (DApps) to issue cryptocurrency debit cards.

The company asserted that the decentralized strategy would eradicate third-party risks and guarantee account holders’ sole control over their funds.

The integration of ZK technology, Ethereum Virtual Machine (EVM) compatibility, and account abstraction, a feature that streamlines transaction processes by removing inherent complexities, are some of W-Pay’s defining characteristics.

The ZK-proof-based decentralized solution enables card transactions up to a specified limit and facilitates the integration of DApps and noncustodial wallets with conventional payment channels.

According to the company, W-Pay will inaugurate a new era of on-chain card payment services. Wirex introduced the first payment card with crypto functionality in 2015, enabling users to use both digital and fiat currency interchangeably in daily transactions.

Wirex claims to have over six million customers and is a major member of Visa and Mastercard. Wirex’s recent decentralized solution based on ZK-proofs arrives amid difficulties with its card partner, UAB PayNet.

In June, the central bank of Lithuania revoked UAB PayrNet’s license, compelling the company to cease operations in the European Economic Area.