On Friday, 13th July, Contis was awarded the Best PayTech Partnership at this year’s PayTech Awards for our work with Wirex.
The PayTech Awards are new and exciting accolades that recognise excellence and innovation in the use of IT in the finance and payment industry worldwide. We provide Wirex customers with a full current account and contactless debit cards to enable them to spend money from converted cryptocurrencies, through the Wirex platform, on everyday purchases.
Congratulations to all of the team involved in the partnership, not only for the fantastic win but also for the hard work put in to make this possible. Here’s what impressed the judges about our unique partnership:
Contis partnered with Wirex to enable consumers to spend fiat converted from cryptocurrencies on everyday goods and services
Contis Group’s landmark partnership with Wirex enables consumers to spend converted cryptocurrencies on an everyday basis. Exchanging cryptocurrencies such as Bitcoin and Ethereum is currently a difficult and time-consuming process. In some cases, it can take days, during which the value of a transaction could be severely depleted, robbing consumers of their crypto gains.
Traditional banking infrastructure was not designed to manage the conversion of cryptocurrencies. Therefore, there was a clear market opportunity for a fintech company with the back-end technology to create such an offering.
Using Contis and Wirex, Bitcoin is transferred from a digital wallet to fiat using a simple foreign exchange via the app or website. The fiat is then held in either GBP/EUR/USD in Contis’ white label current account product Canvas™. Canvas™ is a multi-currency account that allows its customers to spend money converted from cryptocurrencies (such as Bitcoin) on everyday purchases. The whole process takes a matter of minutes and the end-consumer receives a notification, informing them that their fiat is readily available.
Using Contis and Wirex, consumers benefit from a reliable, hassle-free and state-of-the-art solution – one-of-its-kind in Europe at present. The partnership bridges the gap between the end-user and cryptocurrency, with the account effectively allowing users to shop with Bitcoin on demand.
A unique account for the cryptocurrency space
The only account in Europe to facilitate the everyday spending of converted cryptocurrencies
Wirex is the only provider in Europe to offer a multi-currency account that allows consumers to spend fiat converted from cryptocurrencies on everyday goods and services, using the new contactless debit card issued by Contis.
It’s a first-of-its-kind solution that allows trading to carry on readily between fiat currency and cryptocurrency. Using Bitcoin for transactions on the high street or online and withdrawing money from ATMs is much easier for consumers with the Wirex multi-currency account.
“Our decision to partner with Contis was based on our absolute confidence in them being the best at what they do. Their technology and easy-to-use platform means our customers will benefit from a reliable and hassle-free, state-of-the-art solution, that others are years-away from delivering.”
Pavel Mateev, CEO, Wirex
To talk to us about this or any of our other offerings, get in touch with our team at [email protected]