Wirex introduced its crypto debit card for the first time in 2015 and currently claims over six million customers.
Wirex, a provider of crypto payment services, has announced the launch of W-Pay, a zero-knowledge proofs-based non-custodial crypto debit card service.
Wirex’s new decentralized solution employs Zero-Knowledge technology based on Polygon’s Chain Development Kit (CDK), which promises enhanced scalability and security.
Polygon CDK was designed with ZK proofs in mind, allowing businesses and consumers to create their own ZK-powered Layer 2 rail.
ZK-proofs-based scalability solution has become quite popular in the crypto space as the zero-knowledge protocol allows one party to convince another party that something is true without disclosing anything other than the fact that the claim in question is true.
Ethereum and Polygon have seen the most development over time regarding ZK-proofs.
W-Pay enables non-custodial crypto debit cards issued by non-custodial wallets and decentralized applications (dApps).
The company asserted that the decentralized approach would eradicate any risks associated with third parties and guarantee that account holders retain sole control over their funds.
The integration of Zero-Knowledge technology, compatibility with the Ethereum virtual machine (EVM), and Account Abstraction (AA), a feature that facilitates transaction processes by removing inherent complexities, are some of the key features of W-Pay.
The decentralized solution based on ZK proofs enables card transactions up to a predetermined limit and supports integrating decentralized applications (dApps) and non-custodial 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 2015, enabling users to use 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 (EEA).