Payment provider Blockchain BitPay launched a prepaid Mastercard for cryptomoney users in the United States. The BitPay card allows customers to convert their cryptomoney into fiat, which can be loaded onto the card and spent anywhere MasterCard is accepted.
Cardholders will also be able to withdraw dollars from ATMs and make online purchases. BitPay CEO Stephen Pair told Cointelegraph that the BitPay Card is aimed specifically at cryptomoney holders, serving as a tool to provide a convenient way to access purchasing power:
„The real purpose of the BitPay card is to provide users with a convenient way to convert their krypton currency to a prepaid card. BitPay is a payment company, so we’re focused on offering individuals and businesses an easy way to trade using cryptomone currencies.
Prepaid cards are hoping to explore a whole new market, as recent discoveries show that 36.5 million people in the U.S. have some form of cryptomontage. The BitPay Statistics page also highlights that an average of 98,000 Bitcoin transactions were processed per month this year.
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Mastercard’s vice president of digital partnerships, Tim Montgomery, told Cointelegraph that the company is particularly focused on offering consumers flexibility and choice when it comes to finance. He said working with companies like BitPay allows for this:
„We are allowing people to conduct transactions in the manner that best suits their individual needs. We will continue to work with fintechs around the world to accommodate and enhance the choice, flexibility and preferences of evolving consumers.
Modern features of a crypto-compatible card
In addition to facilitating spending on crypto currency, Pair mentioned the importance of modern features in crypto currency cards, noting that the BitPay Card was designed to have features that users would naturally expect.
Like traditional prepaid cards that work without bank accounts, the BitPay mobile application allows cardholders to reload their balances, view transaction history, and manage their card settings. The BitPay card supports Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), XRP, and stablecoins, including USDC, GUSD, PAX, and BUSD.
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All funds are available to cardholders almost instantly, with no conversion cost. BitPay uses technology from Galileo Financial Technologies, which allows the company to use APIs to sell The News Spy in real time. Revenues are uploaded to the Galileo platform and transactions are processed in order via Mastercard’s payment tracks.
Galileo Financial Technologies senior vice president Scott Johnson told Cointelegraph that BitPay is its second prepaid card customer, and noted that the platform also drives Coinzoom.
Pair also noted that the BitPay card has an EMV chip that provides additional security and works with contactless payment systems. Interestingly, he explained that the next steps are to integrate Apple Pay and Samsung Pay into the BitPay card, which would allow users to make payments directly from their smartphones, and he added:
„The BitPay card has all the modern features users would expect. At launch, we won’t have everything, but as we move forward, we will add features that traditional payment programs offer.