- WireBarley Corp. licensed with Visa Fintech Fast Track Program
- Prepaid card can be reloaded with foreign currencies on the WireBarley mobile app and can be used without a transaction fee wherever Visa is accepted
- First prepaid card in Korea to offer 'Visa Concierge' service
SEOUL, South Korea, July 1, 2022 /PRNewswire/ -- Cross-border payment solution provider WireBarley Corp. (WireBarley) announced the launch of 'WireBarley Global Card' with Visa, a world leader in digital payments. Through this partnership, WireBarley is to expand its overseas remittance-focused service to a cross-border payment service to target the global market.
Established in 2016, WireBarley has expanded its presence among immigrants and students living abroad with its easy and low-cost online remittance service. The 'WireBarley Global Card,' partnered with Visa, enables customers to pre-load the Wallet by exchanging foreign currencies of choice from 12 countries WireBarley Wallet offers – including Australia, the U.S., U.K, and Canada. Once the Wallet is loaded, customers can easily make online and offline payments with pre-loaded currencies at global merchants that accept Visa card. The card service offers one of the lowest exchange rates in the industry and waives overseas transaction fees. WireBarley mobile application provides all services needed for 'WireBarley Global Card' from the card application, pre-load, and currency exchange.
As travel restrictions continue to be eased globally, the partnership announcement between WireBarley and Visa is notable for many travelers ready to cross borders – with 'WireBarley Global Card,' global payments can be easily made without the burden of transaction fees.
The 'WireBarley Global Card' can be used in local currency at more than 100 million global merchant locations that accept Visa card, and the pre-loaded currency can be withdrawn at local ATMs without fees. It is ready to use for people living overseas for many reasons – studying, living, or working. For people living in Korea, the card can be beneficial when making purchases from international online shopping or rental platforms such as Amazon, Aliexpress, eBay, Airbnb or Agoda.
Moreover, 'WireBarley Global Card' offers 'Visa Concierge' service for the first time among prepaid cards in Korea. The 'Visa Concierge,' a lifestyle guide and a 24/7 personalized digital assistant service, was only available for Infinite, Signature, and some Platinum cardholders until now. Meanwhile, Visa Concierge is available for service worldwide, including the U.S., Europe and Latin America. In the Asia Pacific region alone, the service is available in total 22 countries and territories, including Korea, Japan, Hong Kong and Singapore.
Visa has been offering various supporting programs to discover and nurture promising Fintech start-ups to help expand their businesses globally. Thanks to the exponential growth WireBarley has achieved, WireBarley was selected into Visa Fintech Fast Track Program. With this program, Visa approved Principal Prepaid Card Issuing License for WireBarley. Starting with a Korean market, WireBarley and Visa seek to expand the partnership and plan to introduce a global version of a prepaid card in the near future.
"Visa has been spearheading efforts to establish an innovative payment ecosystem by collaborating with various fintech firms in Korea," said Patrick Storey, Country Manager of Visa Korea. "I hope WireBarley's innovative services will further develop into convenient and trusted services enjoyed by worldwide users through its collaboration with Visa."
"WireBarley is developing more convenient and borderless financial service with over 50 partners around the world," said John Yoo, CEO of WireBarley Corp. "The partnership with Visa is significant for us, and it enables WireBarley's innovative service to expand to the global payment market – travel and shopping."
Established in 2016, WireBarley Corp. grew exponentially with a strong foothold in the Asia Pacific region. Recently, WireBarley has further strengthened its presence as a global brand with its expansion into the U.S. and Canada markets, for the first time as a Korean overseas remittance company. Headquartered in South Korea, it has multiple subsidiaries overseas, namely Australia, New Zealand, Singapore, Hong Kong, and the U.S. WireBarley's FX and corporate treasury center in Hong Kong, which is one of the largest FX trading hubs in the world, plays a crucial role in enabling effective FX management and strong compliance practicality and formulating strategic partnerships with critical banks and payment player. With 12 outbound and 44 inbound countries, WireBarley currently offers over 520 corridors for personal remittance. The company recently adopted the B2B remittance platform, e-wallet service and multi-currency card; it seeks to be not only Asia's leading remittance company but to leap forward to become a global total payment platform.