Wirex Courts Wealthier Customers With Wirex Private

Payments and cryptocurrency ecosystem Wirex has launched a private service aimed at wealthier consumers.

Wirex Private, announced Tuesday (April 18), is aimed “at Wirex’s growing segment of affluent customers,” and offers a “luxury service” including exceptional levels of support and exclusive perks with no added cost, the company said in a news release.

Wirex recently held a soft launch for the service, open to customers with $30 million worth of assets. 

“We understand the importance of looking after our customers hard-earned money, whether traditional or cryptocurrency, so we’ve created a service that caters to individual’s needs,” said Pavel Matveev, Wirex’s co-founder and CEO.

“We also want to provide a luxury experience for managing finances, and additional reassurance when entrusting us with large amounts of funds.” 

According to the release, Wirex Private’s perks include no-fee memberships, an assigned, dedicated account manager, bespoke limits and lending terms, up to 8% “Cryptoback” rewards on all card purchases and — eventually — tailored travel and wellness perks.

Wirex’s new offering is the latest example of companies targeting wealthier customers with luxury offerings as consumers further down on the economic ladder cut back on spending.

For example, PYMNTS reported Monday (April 17) about a new storefront by Gucci reserved exclusively for big-spending customers and A-list celebs. 

The luxury brand initially used the location as a pop-up for its collaboration with Adidas. Still, it turned into a permanent brick-and-mortar concept called the Gucci Salon — which will open its doors to only VIP clients with prior appointments.

“Luxury items are not immune from inflation, but the wealthiest consumers are less affected and can afford high-end products,” PYMNTS wrote. 

“By targeting these big-spending clients and celebrities with a store that caters specifically to their needs, Gucci can ensure continued sales despite rising prices.”

In addition, by offering a store focusing on exclusive and customized experiences, Gucci can cater to customers seeking unique, high-end products they can’t find at other stores.

This strategy applies to the 20% of “persuadable” customers who tell PYMNTS that price increases have not affected their buying habits, according to our recent report “Consumer Inflation Sentiment: The False Appeal of Deal-Chasing Consumers.”

“And the new store’s location on Melrose Place, known for upscale shopping, is ideal for Gucci’s target market,” PYMNTS wrote. “The store’s proximity to other luxury retailers and popular restaurants and cafes makes it an attractive destination for wealthy shoppers and celebrities and reinforces Gucci’s image as a purveyor of luxury and style.”