MUNICH, March 12, 2018 /PRNewswire/ --
TransferWise launched its borderless account in 2017, allowing anyone to get bank details digitally across the world instantly. A debit card to accompany the account will be launched for all users later in 2018, and will be issued by Wirecard.
Wirecard, the leading international specialists for digital financial technology, has been chosen by TransferWise, the international money transfer company based in London, to issue a debit card to serve alongside its digital borderless account. The debit card was privately launched in January to around one thousand existing TransferWise customers, with a full public roll out planned for later in 2018.
The borderless account will be the first platform to offer true multi-country banking to anyone who needs it. Previously available only to businesses, now TransferWise's wider customer base can hold and convert 28 currencies at the real exchange rate, with local bank details for the UK, US, Australia and Europe. That means anyone can send, spend and save money like a local, as well as getting paid around the world with zero fees, as if they lived there. Two million people are using TransferWise at the moment to transfer over £1.5 billion every month, saving themselves over £2 million every day.
"Our mission is to make money move without borders, and the borderless debit card is a vital step in bringing that mission to a wider audience", said Jeremy Buttner, borderless banking lead at TransferWise. "Wirecard is helping us to take the product, and its benefits, to markets that badly need the service more quickly than we'd have been able to otherwise."
"TransferWise was looking to extend their borderless account by adding a multi-currency debit card. This card will allow customers to access their borderless account around the world without any hidden charges", added Tom Jennings, Managing Director at Wirecard. "We are delighted to be working with TransferWise, a leading FinTech in the industry. It is a unique product and we see this as being a very successful partnership even for the future."
Wirecard AG is a global technology group that supports companies in accepting electronic payments from all sales channels. As a leading independent supplier, the Wirecard Group offers outsourcing and white label solutions for electronic payments. A global platform bundles international payment acceptances and methods with supplementary fraud prevention solutions. With regard to issuing own payment instruments in the form of cards or mobile payment solutions, the Wirecard Group provides companies with an end-to-end infrastructure, including the requisite licences for card and account products. Wirecard AG is listed on the Frankfurt Securities Exchange (TecDAX, ISIN DE0007472060, WDI). For further information about Wirecard, please visit http://www.wirecard.com or follow us on twitter @wirecard.
TransferWise is a new kind of financial company for people and businesses that travel, live and work internationally. It's the fairest, easiest way to manage your money across borders. With a simple money transfer platform and borderless accounts, it makes managing your money quick, easy and painless. Co-founded by Taavet Hinrikus and Kristo Käärmann, TransferWise launched in 2011. It is one of the world's most successful fintech startups having raised $397m from investors such as IVP, Old Mutual, Andreessen Horowitz, Sir Richard Branson, Valar Ventures and Max Levchin of PayPal. Two million people use TransferWise to transfer over £1.5 billion every month, saving themselves over £2 million every day. http://www.transferwise.com
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SOURCE Wirecard AG