$2 million worth XRP added to Wirex in 12 hours, poised to enter POS market?

Wirex announced on their Twitter account earlier today that they have received over $2 million worth of XRP deposits on their app in just 12 hours. Notably, the app launched the feature for trading XRP on the 24th of this month.

Wirex is used in a number of use-cases across the world as it offers solutions to spend cryptocurrency in every-day scenarios. The app has a user base of close to 900,000, serving in around 130 countries.

Moreover, it offers users the ability to spend these through a Visa or MasterCard card, which opens up the entire mobile Point of Sale [mPOS] market worldwide.

Research indicates that the mPOS market worldwide is predicted to grow to about $47.7 billion by the end of 2025. The growth rate of this market is expected to be at about 35.40% annually till 2025. The market that Wirex is aiming to target is situated here, as the cards offered by the company can be used both online, through payment gateways and at physical locations such as brick-and-mortar establishments.

Connecting a cryptocurrency wallet to a physical card offers many advantages. Primarily, users are able to utilize the card, the same way they would use a card connected to their bank account. Even as custody solutions continue to emerge, experts state that an integration with existing infrastructure is key for the advancement of cryptocurrencies being used as currencies.

An expert from the banking sector, Bazza Jewell said in a comment to AMBCrypto:

“While cryptocurrencies have been against the establishment and banking systems from the beginning, working with systems are necessary. Infrastructure has developed to a point where cash use is beginning to see a significant decrease. A custody solution, such as Wirex, which is beginning the steps towards integration, will offer a much more diversified spectrum of use-cases for the average consumer.”

Wirex’s blog offers a set of use-cases for the product that have been recorded by the company. Even as many utilize it for investing in cryptocurrencies, Wirex sees a lot of usage in cross-border transactions as well. The Wirex card allows users to transact worldwide with low withdrawal fees, and also send Bitcoin and other cryptocurrencies to recipients overseas.

The addition of XRP allows for the advancement of these use-cases, as the processing time for XRP transactions is close to 4 seconds. This enables the fast transfer of funds over Wirex to others who also use the service. Moreover, Wirex targets the unbanked or underserved individuals who do not have access to traditional banking systems. The Wirex app allows users to use the virtual cards for online USD payments as well.

Experts state that this might also drive adoption. Iairus Germund, a market analyst said:

“While Bitcoin, Litecoin and Ethereum have gained mainstream adoption to an acceptable degree, many rumours and accusations against XRP have given it a bad name with vendors. Even though its fast transactions would be perfect for payment at points of sale, a third-party service such as Wirex would be great for XRP’s adoption in the mainstream. This might as well be the next big step in the acceptance of XRP for payments worldwide.”

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