Wirex has revealed W-Pay, a zero-knowledge (ZK)-powered app chain. Wirex is hopeful that W-Pay will have a great impact on the landscape of global payments. It is designed to seamlessly connect decentralised applications, non-custodial wallets, and traditional payment infrastructures.
W-Pay uses decentralised applications (dApps) and non-custodial wallets to issue non-custodial crypto debit cards. By eliminating third-party risks, this solution ensures that account owners maintain exclusive control over their funds. Wirex facilitates card transactions up to a predefined limit, facilitating the integration of dApps and non-custodial wallets with traditional payment rails while preserving fund access. This is something that Wirex views as a crucial advancement for the burgeoning Web3 industry.
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Pavel Matveev, CEO and Co-Founder of Wirex, commented: “W-Pay embodies innovation, facilitating the seamless integration of decentralised applications into established payment and banking infrastructures. Our commitment is to provide a reliable user experience characterised by enhanced security, where users always retain absolute control over their assets.”
The key features of W-Pay
W-Pay has several key features that Wirex hopes will make it a success, including its ZK-powered technology. This ensures swift and secure transactions through the integration of zero-knowledge technology. EVM compatibility that is tailored for integration with the Ethereum Virtual Machine, promoting functionalities and interoperability. Account abstraction to streamline transaction processes by eliminating inherent complexities and enhancing user experience.
Built on Polygon’s Chain Development Kit (CDK), W-Pay harnesses zero-knowledge technology, ensuring enhanced scalability and security. Polygon 2.0’s CDK facilitates settlements on Ethereum and provides access to a unified liquidity pool. Wirex hopes every transaction under W-Pay is to be swift, secure, and user-centric, setting a new benchmark in the global financial ecosystem.
Matveev goes on to add: “With Polygon’s cutting-edge Zero-Knowledge technology, W-Pay is geared to usher in on-chain card payments, showcasing the capacity to process thousands of transactions per second. This milestone is a testament to the unparalleled efficiency and security that blockchain transactions can achieve.”
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By GlobalData
