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Finance
Cryptocurrencies are gradually becoming a viable payment option in a wide range of markets and jurisdictions. If there is an instrument that significantly expands the usability of digital currencies in a world still dominated by traditional payment systems, it is cryptographic debit card. An increasing number of reliable platforms offers the fintech product to bitcoin enthusiasts.
Read also: Cryptographic cards are legal in Russia, according to the Ministry of Finance
Cryptographic card providers consolidated in the United States
Bitpay, which has processed over $ 1 billion in payments during a bearish 2018, offers users across the United States a convenient way to spend their cryptocurrencies online and in-store. Your prepaid Visa card is linked to a cryptocurrency portfolio that supports instant conversion from bitcoin core (BTC) and bitcoin cash (BCH) to US dollars and local fiat currencies outside the country.
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The Bitpay cryptographic card is only available to US residents. To apply, you must provide a home address, a valid ID and a social security number. There is a fee of $ 9.95 which covers the cost of issuance and a dormancy fee of $ 5 per month after a 90-day period of inactivity. A 3% currency conversion fee is applied each time the card is used outside the United States. Withdraw cash at an ATM costs $ 2 in the United States and $ 3 abroad.
Shift, another card available in the United States, allows users to connect to their Coinbase accounts. The Visa card has no maintenance costs, but a 3% commission is charged on international transactions. ATM withdrawals cost $ 2.50 in the United States and $ 3.50 in other jurisdictions. The card itself is $ 20. Shift only supports BTC and offers free conversion from bitcoin cores to US dollars.
Major crypts charge cards available in Europe
Wirex is the first choice for many Europeans. The start based on U.K. offers both virtual and Visa Visa debit cards and the plastic version includes chips and PINs. They are currently available to residents of the European Economic Area (EEA), where Iban's support has been introduced for all euro accounts. However, the company plans to offer its services also in the North American and Asian markets.
Users can load the card with bitcoin core (BTC), ethereum (ETH), ripple (XRP), litecoin (LTC) and waves, this last one was recently added. Cardholders can spend three major legal currencies – euros, US dollars and British pounds. Wirex users pay a card management fee of $ 1.5 each month. ATM withdrawals in Europe cost $ 2.50 and $ 3.50 elsewhere. In-store purchases are rewarded with a 0.5% crypto cashback in BTC.
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Revolut, another British company, offers up to 1% cashback in cryptocurrency for payments made with its Revolut Metal card. For less than $ 16 a month, the digital bank's premium service offers customers access to five major currencies – BTC, BCH, ETH, XRP and LTC – and the ability to pay in over 150 currencies. The contactless card, which can be used wherever the Mastercard is accepted, provides free ATM cash withdrawals of up to € 600 per month (~ $ 680).
The cryptopay releases another card in both virtual and physical form. The latter has a chip and costs $ 15. The contactless card is currently issued only in Russia, where it has a 1% loading fee and a monthly service charge of 65 Russian rubles, less than one dollar . Cryptopay plans to bring his papers to Singapore. The payment service provider supports BTC, ETH, LTC and XRP. A commission of $ 2.50 is applied to withdrawals from ATMs and a 3% commission is charged at each exchange transaction.
Some newcomers in the market
A number of payment service providers and startups fintech have launched new debit cards in cryptocurrency in recent months. These platforms are trying to attract the attention of encrypted users all over the world and prove themselves as alternatives to established products on the market.
Fuzex is a cryptocurrency payment card project that last summer chose bitcoin cash (BCH) as its basic cryptocurrency. It also supports ETH and the platform token, FXT. Fuzex cards are currently issued to residents in Europe and the APAC region. The physical card is enabled for NFC payment. It comes with an EMV chip and a barcode display.
Crypto.com, a Hong Kong-based company formerly known as Monaco, announced in October that it is starting to ship its Visa MCO cards to customers in Singapore. Prepaid cards are linked to a mobile wallet that allows holders to buy, sell, store, send and track digital tokens such as BTC, ETH, Binance BNB token, MCO platform tokens and major legal currencies. Crypto.com also revealed that the cards will be issued in the United States through a partnership between its Florida-based affiliate, Foris Inc. and Metropolitan Commercial Bank, New York.
Aximetria offers a debit card linked to a cryptocurrency portfolio that has become available to Russian citizens since last year. In November, the Swiss-based startup told news.Bitcoin.com its platform supports BTC and ETH that can be used for online and offline payments via instant conversion to fiat. The company is collaborating with the Cex.io cryptocurrency exchange. The card can be ordered from its iOS app.
Are you using a cryptographic debit card? Tell us what you like about it in the comments section below.
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