Digital payment has become an essential part of our everyday lives. With the decreasing use of physical cash, many users are relying on digital payment options to settle daily bills. The drawback is that most platforms offering digital payments are heavily centralized. Some incorporate high fees and minimal incentives for users.

Wirex Pay fixes all these shortcomings by incorporating blockchain technology to facilitate on-chain money transfers across wallets. The platform’s goal is to bridge the worlds of traditional and decentralized finances.

What is Wirex Pay?

Wirex Pay is blockchain-based digital payment platform and a subsidiary of the popular UK-based digital payment company Wirex. The firm focuses on traditional financial services, enabling card issuance and processing and mandating that users undergo a Know-Your-Customer (KYC) assessment across 130 countries.

Describing itself as the first decentralized payment network, Wirex Pay harnesses Polygon’s zero-knowledge (zk) technology to establish a decentralized, gasless, and on-chain payment system. The payment platform also facilitates decentralized lending and borrowing.

The platform enables transactions through the Wirex Pay Card, a self-custodial debit card that allows users to spend their funds within the traditional economy. More than 50 million merchants accept the debit card in over 200 countries.

Wirex Pay’s operations are governed by a decentralized autonomous organization (DAO) called Wirex Pay DAO. The WPAY token is at the center of Wirex Pay’s infrastructure. Built on the Polygon network, the crypto asset serves as the lifeblood of the Wirex Pay DAO.

What is WPAY?

WPAY is the governance token for the Wirex Pay network. Holders of the digital token can participate in the platform’s DAO, voting on proposals and other decision-making actions. Users can also stake their tokens for rewards and operating nodes. The digital asset is also used to facilitate transactions and ensure the community retains control over the platform’s activities.

Node operators were the first to receive WPAY due to their crucial roles in boosting the network’s decentralization and security.

Emphasizing how WPAY plays a key role within the payments ecosystem, Wirex Pay co-founder Pavel Matv