Features include a fully-automated trustless blockchain environment for machine to machine (M2M) payments with zero blockchain fees, gateway fees, or customer chargebacks.
Although technically released as a business product for merchants, trading exchanges, and financial institutions, ultimately a bigger network means lower prices for end-users.
Network access is being offered right now by invitation only and will become available to business partners in October and by November will be available to all users. The company is forecasting that by July 2018 it will grow to USD $10 billion in transactions.
The Wirex team said:
“W-Pay was initially inspired by the Lighting Network and was launched in early 2015 following a rebrand of e-coin. The service was founded in 2013 as the first mass consumer service in the world to successfully combine cryptocurrency networks with traditional banking services and the VISA card scheme.”
“At the heart of all Wirex services, the W-Pay technology continues to evolve, making it possible to use over 50 cryptocurrencies together with fiat money in a fully-automated and trustless environment, without the need to wait for blockchain confirmations.”
“We are constantly adding new liquidity providers, with over $1 billion worth of transactions processed in the OTC market.”
With multi-blockchain asset support for numerous cryptocurrencies (Bitcoin, Litecoin, Ether, Ripple, Dash, NEM etc.) as well as fiat money (US Dollars, GBP, Euros, Japanese Yen, etc.) the network supports most digital assets while being seamlessly integrated with the VISA network.
Such a combination allows Wirex partners to implement complicated money flows, which were previously not possible for consumer personal finance.
Network participants establish a bidirectional payment channel by placing funds into a multisignature “channel” address. Once the channel is established, counterparties can start exchanging payments.
The current balance is stored as the most recent transaction signed by both parties. To make a payment, both parties sign a new exit transaction spending from the channel address.
The network does not require cooperation from the counterparty and both sides can exit the channel based on agreed rules of the system. Once the channel is closed, final balances are broadcast to the blockchain.
W-Pay enables new levels of transaction between parties that were previously impossible via financial systems vulnerable to monopolization. Without the need for custodial trust and ownership, participation on the network can be dynamic and open for all.
The Wirex team added:
“We own the full technology stack, giving us the flexibility to react to changes in customer behavior and demands. This unique approach enables Wirex to build systems free from legacy constraints by using blockchain technology that is revolutionizing the payment industry; making transactions faster, more secure and more cost-effective for everyone.”
“W-Pay provides access to a multi-asset global network of liquidity providers which trades in a fully automated and transparent environment.”