Payments group Wirex switches to Wirecard-suitor Railsbank for card issuing

By Oliver Smith on Wednesday 26 August 2020

Digital Banking

Another customer loss for Wirecard.

Payments group Wirex switches to Wirecard-suitor Railsbank for card issuing
Image source: Wirex.

Crypto and fiat currency payments provider Wirex has migrated its Asia-Pacific customers from Wirecard issued-Visa cards to those issued by Railsbank.

The move comes as news broke on Friday that London-based Railsbank has submitted an offer for the UK arm of Wirecard.

Wirex’s decision will see Railsbank issue all its new Visa cards for the region, and also saw Railsbank quietly migrate Wirex’s existing cards over to its technology in just 45 days.

Read more: Who is Wirecard UK’s potential new owner Railsbank?

“We’re delighted to lead the Wirex migration and especially pleased that it took less than 45 days to complete. Fintech companies from all over the world are migrating to Railsbank. We look forward to working closely with Wirex over the coming months,” said Railsbank’s head of sales Louisa Murray.

Wirex counts 3m customers who use its multicurrency card to store and pay with both fiat and crypto currencies worldwide.

In the wake of news that Railsbank was bidding for Wirecard UK, the embattled card issuer played down the bid, saying:

“We are continuing our discussions with Railsbank, but no final transaction documents have yet been agreed. We are also continuing to work on other contingency planning for the business. We expect to be able to comment further in due course. In the meantime, the company is processing card transactions as usual.”

Clearly Railsbank is also continuing business as usual, by scooping up Wirecard’s remaining customers.

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