crypto card

US Consumers Flock To the First Mastercard Branded BitPay Card

15/09/2020 by Idelto Editor

New data from BitPay shows that American consumers are flocking to load the first Mastercard branded BitPay card with top digital assets. The popular cryptocurrency payment services provider debuted the new card in June 2020 and the company’s transactions reached a new high in July. The data also shows how crypto cards usage is changing, with more users choosing to load with a selection of top digital assets.

Not All Crypto Cards Are Created Equal

BitPay, the Atlanta-based cryptocurrency services provider, has recently released blockchain payment statistics that show how the market performed in 2020. Among other interesting points, the data signals strong support from U.S. consumers for the company that announced its first Mastercard branded card just a few months ago.

According to the statistics, the total number of crypto transactions processed through BitPay across all supported coin types reached a new high in July 2020 of almost 110,000 processed transactions. The figures also show a stable month over month growth trend in processed transactions since March.

The great popularity of BitPay services for making and accepting crypto payments enables us to learn about the widespread usage of top assets in the whole market. The BitPay statistics reveal that while bitcoin remains the most used crypto, it is steadily losing ground in terms of load dominance. This happens as users are switching over to a variety of top digital assets such as BCH, ETH, XRP and the stablecoin USDC, in order to load their cards.

Crypto cards make it easy to pay for daily purchases, safe for first-timers to use crypto, and expand the adoption of digital assets. But not all cards are created equal, and the Mastercard branded BitPay card has several advantages that make it far superior to all other options available in the market today.

A Card Designed for Those Who Live Life on Crypto

The Mastercard branded BitPay card offers instant conversion which means that users don’t need to worry about volatility of the crypto assets they load up with – any amount they load is immediately converted to dollars and there are no multiple conversions for each transaction they make. This is in sharp contrast to other crypto cards that only operate on a spend as you go model, converting the stored crypto to dollars each time a payment is made and leaving its value to fluctuate in the meantime.

Another major advantage of BitPay is that the card has very high limits compared to other crypto cards. Users can load up to $10,000 per day, spend up to $10,000 per day and withdraw up to $6,000 a day in total at ATMs. The Mastercard branded BitPay card also has no conversion or load fees, so users are only left with network and miner fees that can be very low if they choose an option such as BCH or XRP.

The new BitPay card allows users to spend money anywhere Mastercard is accepted, both online and in stores. And it comes with a virtual card that can be used immediately after enrollment. The card is supported by a new app that can be used to lock cards, monitor transactions and load. For users that require human assistance, English speaking agents are available with a simple phone call or email.

Security is also a key feature of the Mastercard branded BitPay card, as it includes EMV chip and supports safe contactless payments – a must for keeping healthy these days. Additionally, Apple Pay and Samsung Pay will soon be available to keep in store cardholders safe. All of these features are offered without the need to stake coins or redeem rewards in coins you don’t want or prefer as other cards require.

In addition to all these advantages, the Mastercard branded BitPay card should also be especially popular among the bitcoin cash community as statistics show BCH is the top alternative to BTC among the company’s users. Year to date, BitPay has processed over 25,000 BCH transactions.

In total BCH represents about 4% of BitPay transactions, ranking as the number two preferred payment method. It is closely followed by ETH at number three and XRP is at forth place. The company also reports that bitcoin cash is most used to buy gift cards and load the BitPay Card or the cards of its many partners. Online gaming is the second most popular use of BCH, followed by purchasing gold.

To learn more about the first Mastercard branded BitPay card and how it can fit your crypto payment needs go to BitPay.com/Card.

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Review: Crypto.com’s Ruby Steel Prepaid Visa Card

26/06/2020 by Idelto Editor

A number of members in the cryptocurrency community, typically people who are paid in crypto assets, have tried a myriad of prepaid cards that can be credited with digital currencies like bitcoin. The following post is a review on the Crypto.com prepaid Visa card in order to give our readers some perspective on how the card operates.

During the last four years, I’ve grown accustomed to leveraging prepaid cards that can be loaded with cryptocurrencies like bitcoin and ethereum. In the early days, there were only a few cards for U.S. residents, but now there’s a number of cards available. Americans now have few different cards available and the products are issued by reputable companies like Bitpay and Coinbase.

Last week, news.Bitcoin.com reported on Bitpay offering its new Mastercard prepaid card that can be loaded with numerous crypto assets. Our newsdesk has also reviewed Bitpay’s flagship Visa card when it launched a few years ago.

This week our newsdesk got our hands on a metal ruby-colored Crypto.com card and tested it out so our users can get a gist of how it works. Unlike Bitpay’s card, in order to get a prepaid Ruby Steel Visa from Crypto.com, an individual has to purchase the token called MCO and lock those coins for a period of six months.

At the time, when I started testing the Crypto.com card, I decided to leverage the ruby prepaid card that only requires 50 MCO locked. If a user was to choose an obsidian black card, it requires 50,000 MCO, and the coin trades for $4.50 at today’s exchange rates.

For the ruby card, the coins are locked for six months and you can get them back or keep staking them in the future. The lock-up of MCO is actually clearly mentioned in the user agreement and it’s an interesting way to get a card, to say the least. In order to get the card and do this entire process, I had to download the Crypto.com app on the App Store for iOS. The app has a built-in exchange as well, and in order to get MCO, I simply deposited some bitcoin cash (BCH) and sold it to get the coins. Once I had the 50 MCO I could then proceed to the card tab and select the ruby product.

After selecting and agreeing to the terms, the application does involve a KYC process and identification needs to be submitted. All the base requirements include a photo ID, a social security number, and a residential address.

A third-party identity system does all of the validating within roughly five minutes and lets the person know they’ve been verified. If the verification process goes smoothly, the card ships in seven days and the app lets you know when it’s been issued. The app also shows you the MCO balance you have locked into the program and any other funds you store on the platform. Crypto.com’s app offers an exchange with over 55 coins supported on the trading platform.

When the card arrived it was well packaged and the card is also metal with a touchless security chip. The metal does give the card a solid feel, in comparison to normal cards, if that kind of thing tickles your fancy. It’s still not as cool as the gold plated prepaid card Peter Schiff showed me in 2018, but us crypto heads we are doing alright.

The most interesting thing about Crypto.com’s card, however, in comparison to competitors like Bitpay, is the cashback incentives. Depending on the card you leverage, Crypto.com card users can get anywhere between 1-5% of the total, cashback paid in MCO. The ruby model used in this review gives 2% cashback in the native token.

Loading the card up is fairly intuitive, and the card supports BTC, ETH, XRP, LTC, EOS, PAX, XLM, and TUSD. Unlike paying an invoice, to top up you just need to have some of the aforementioned cryptocurrencies available in your wallet. Crypto.com also offers a noncustodial wallet that can connect to the exchange/prepaid card app. If the wallet has funds in it, you can simply top up the card by submitting the amount in USD. The transaction is based on real-time exchange rates and the card balance is settled in USD so there’s no volatility.

Using the card is fairly simple, and the touchless system works nicely, alongside the traditional chip insert method as well. So far, there haven’t been any issues at any of the physical shops I used the card at, as I have experienced some issues with other crypto prepaid cards. That will have to be tested with time and see I will see how it works traveling state to state and internationally as well.

After every single purchase, the app gives you a mobile notification (if you permit notifications), and lets you know how much cashback savings you get. So far I’ve only saved a few bucks, but every little bit helps and after a while it adds up. The Crypto.com prepaid card is available in Europe, U.K., Singapore, and it accepts SEPA. The ruby card doesn’t have too many crazy perks, but some of the other colored metal cards with higher staking MCO locked-in, offer rebates for things like Netflix and Spotify.

Some of the negatives I had with Crypto.com’s prepaid Visa was that I couldn’t top up directly with bitcoin cash (BCH) like the Bitpay card. In order to top up, I sold some BCH in order to get some bitcoin (BTC) that can be used to top off the card. So there is a fluctuating exchange rate involved with that procedure.

Users who do own the supported crypto-assets, can pay directly and skip this step. I also knew about the card for a while, when it was called Monaco, before the company was able to purchase the crypto.com domain. I hesitated at the time because of the ‘other coin’ involved and the whole staking concept, as I felt it was too much of a hassle. Monaco was lucky enough to purchase the domain Crypto.com from the cryptographer Matt Blaze who acquired it in 1993.

New crypto users should understand that there are risks involved with staking coins, and it’s a good idea for someone to study and research staking with due diligence. The number of confirmations it took for some of my coins took around six confirmations and in my opinion, that’s a long wait.

The Crypto.com app is intuitive and it doesn’t take long to understand how it all works. But someone who is new to digital assets, should get some grasp on crypto-asset logistics before opting to lock in staking coins for six months. Nevertheless, Crypto.com’s app explains everything in writing, and the card’s user agreement covers all the terms and the staking MCO as mentioned above.

What do you think about the Crypto.com prepaid card? Let us know what you think about this subject in the comments section below.

The post Review: Crypto.com’s Ruby Steel Prepaid Visa Card appeared first on Bitcoin News.

Bitpay Reveals Crypto-to-Fiat Prepaid Mastercard, Firm’s Flagship Visa Card Ends in December

11/06/2020 by Idelto Editor

On June 11, 2020, the cryptocurrency payment services provider, Bitpay announced the firm is launching a prepaid Mastercard that can be loaded with a variety of digital assets. The Atlanta-based company says the card can be spent anywhere Mastercard is accepted and users can “instantly convert cryptocurrency into fiat currency.”

For quite some time now, the Atlanta-based Bitpay has offered a prepaid Visa card that allows users to load cryptocurrencies in exchange for USD. On Thursday, Bitpay revealed the company has partnered with Mastercard (MC) and the new product is the “first [MC] prepaid card in the U.S. market for the blockchain community.”

Unfortunately, the company’s Visa prepaid Bitpay card services will end on December 31, 2020. “This program termination means that all Bitpay prepaid Visa cards will expire and stop working on December 31, 2020, regardless of the expiration date printed on your card,” the firm explains.

Spends will end in December, while July 31, 2020, will be “the last day you will be able to load funds to your card including converting cryptocurrency to fiat for use. Please redirect any recurring bank deposits, such as payroll, before this date.”

Bitpay will instead offer prepaid cards that wield the American multinational financial services corporation’s logo, which means it can be used anywhere MC payments are accepted.

“The Bitpay Card offers new benefits and features for consumers making it easier to convert Bitcoin and other cryptocurrencies into a spendable balance without currency risk,” Stephen Pair, co-founder, and CEO of Bitpay explained during the announcement. Pair further added:

We are excited to work with Mastercard to expand crypto’s use, while making it easy for businesses to attract new customers who want to spend Bitcoin and offer more places for customers with Bitcoin to shop.

Just like the firm’s flagship Visa prepaid card, people will be able to load BTC, BCH, ETH, XRP, and the stablecoins USDC, GUSD, PAX, and BUSD. Similarly, Bitpay MC prepaid card users can “also use their cards online for purchases and to withdraw cash from (automated teller machines) ATMs.”

The Atlanta company says that the card is “safe” and features an “EMV chip” as well. The Bitpay MC prepaid card’s EMV chip bolsters security and enables contactless-payments too. Loaded funds are made available after one blockchain network confirmation, and the card also tracks and manages card spending.

“At Mastercard, we’re committed to offering differentiated financial services to consumers on a global scale,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “We’re excited to be working with Bitpay to offer consumers greater choice and flexibility when it comes to managing their finances,” Haymond added.

The prepaid MC cards are also issued in the United States are supported in all 50 US states. Bitpay says that prepaid MC customers have to be 18 years or older, and they also must “successfully complete identity and residency verification.”

What do you think about the Bitpay prepaid Mastercard? Let us know in the comments section below.

The post Bitpay Reveals Crypto-to-Fiat Prepaid Mastercard, Firm’s Flagship Visa Card Ends in December appeared first on Bitcoin News.

3 Debit Cards Nigerians Can Use to Spend Cryptocurrencies in Stores and Online

20/03/2020 by Idelto Editor

Options to acquire cryptocurrencies in Nigeria have been growing in number, along with increasing interest in bitcoin. Nigerians are also starting to see more opportunities to spend their coins in brick and mortar stores and at online merchants. Three crypto debit cards are now available to the residents of the African nation which is also the continent’s largest economy.

Also read: Nigerians Can Now Buy Bitcoin With Cash From Stores and ATMs That Take Naira

Crypto Exchange App First Kudi Issues Debit Card in Partnership With Stanbic IBTC Bank

Nigerian company First Kudi offers users a currency exchange and payments app. The mobile software facilitates purchases and sales of cryptocurrencies with Nigeria’s national fiat, the naira, and U.S. dollars. Users can link their bank account or credit card to the application which allows them to transact between Kudi wallets free of charge, deposit and withdraw funds from other crypto wallets and fiat accounts, and make payments at POS terminals.

Formerly known as Kudi Exchange, the fintech platform is owned by TLG Ventures in partnership with Ferrum Network and operates from Lagos. Besides the fiat options, which also include Ghanaian cedi and Kenyan shilling, its app supports bitcoin core (BTC), ethereum (ETH), the stablecoin Gemini dollar (GUSD), and the native Ferrum Network Token (FRM).

First Kudi now issues a debit Kudi Card in partnership with Nigeria’s Stanbic IBTC bank, member of Stanbic IBTC Holdings and Standard Bank Group, a South African financial services provider and Africa’s largest banking group. Holders can use the card to turn crypto into traditional money or buy goods and services with bitcoin and naira. Its balance can be topped up directly from the Kudi Wallet.

A Kudi account is needed to order and use the wallet and the Verve enabled card, and users need to pass KYC. The procedure involves providing full name, email address, and phone number, the Nigeria Bitcoin Community portal details. Certain fees apply to some transactions with First Kudi. Bitcoin withdrawals to another wallet are charged 0.0005 BTC per transfer. Withdrawing fiat to a bank account will cost you 100 NGN ($0.27) for naira and $10 for U.S. dollars. The POS transaction fee for bitcoin, naira, and dollars is 0.50%.

Patricia and Crypterium Provide Nigerians With More Crypto Card Options

Demand for this type of service in Nigeria, where around half of the population remains unbanked, is creating conditions inviting other offerings in the market. Patricia, a Nigerian e-commerce platform that started with gift cards trading, has set out to make it easy for customers to buy and sell bitcoin, as its website notes. The company behind it, Patricia Technologies, recently announced the launch of a new crypto debit card.

The Patricia Bitcoin ATM Card will allow users to withdraw cash directly from their BTC and Nigerian naira wallets, make POS payments and online transactions, transfer funds through teller machines like with any other debit card issued by a traditional bank, PM News Nigeria reported in late February. Registration is required to obtain the card.

Affirming the startup’s commitment to financial inclusion, Patricia founder Fejiro Hanu Agbodje acknowledged that payments won’t change overnight and predicted a long transitional period before the world starts to transact in digital currencies. That’s why his team focuses on combining digital infrastructure with existing card processing and banking infrastructure as a step towards mass adoption of cryptocurrencies. The Nigerian entrepreneur pointed out that Patricia card users will have access to cash and be able to pay bills, make over-the-counter transactions, and buy subscriptions. Agbodje further stated:

We will allow you to spend your bitcoin anytime, everywhere and anywhere.

Nigerians have another option to use cryptocurrencies through a debit card. Crypterium, an Estonia-based crypto payment and wallet provider, issues the Global Bitcoin Card, which allows holders to spend cryptocurrencies at merchants and withdraw fiat cash from ATMs in almost 180 countries around the world, as news.Bitcoin.com recently reported. The card, which is powered by the payment processor Unionpay, currently supports several major cryptocurrencies: BTC, ETH, LTC, as well as Crypterium’s own CRPT token.

To get the card you need to download the Crypterium wallet first and install it on your phone. To receive a download link, you have to provide your phone number. The app comes with a virtual card and the plastic one can be ordered separately. The platform delivers worldwide, including many countries not supported by other crypto card issuers. Nigeria is on the list along with other nations with potential to become important crypto markets such as India and Brazil. In November, Coinsutra reported that users of its portal from these countries have been able to obtain the debit card.

Do you know of other cryptocurrency debit cards available in Nigeria? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock.

Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card.

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13 Crypto Debit Cards You Can Use Right Now

28/02/2020 by Idelto Editor

If cryptocurrency is designed to reconstruct the financial world while introducing major improvements in transaction speed, privacy, cost and convenience, debit cards represent a useful bridge between old and new. A preponderance of crypto debit card options now exist that allow cryptocurrency to be exchanged for spendable fiat currency at the touch of a button. Let’s take a look at a baker’s dozen of them.

Also read: How to Get Free Bitcoin in 2020

European Crypto Debit Cards

Plutus is one of the longest running crypto card services, having pitched up in 2015. The London startup has its own loyalty token (PLU) which is awarded to users every time they use their debit card. Notably, though, it’s a noncustodial platform which lets users retain control of their private keys. Usable in almost 200 countries, the card can be topped up using GBP or EUR, with ETH and PLU the only supported cryptos at the current time. Plutus also doubles as a virtual bank account, which is offered to residents anywhere in the European Economic Area (EEA) region for free.

Wirex is another popular option for Europeans. Founded in 2014, the London fintech firm was the first to release a contactless, multi-currency Visa card and boasts over three million customers in 130 countries, having processed $2 billion worth of transactions. Wirex’s slick light-green debit card supports conversion from several major cryptos, has a native built-in utility token (WXT), and gives users 0.5% BTC on in-store purchases through its Cryptoback program, rising to 1.5% if you hold 500,000 WXT tokens. There’s a modest card account maintenance fee of £1.00/€1.20/$1.50, with all other fees and limits broken down here. Having achieved success throughout Europe and the APAC region, Wirex intends to expand into Canada, Japan and the U.S. in 2020.

Monolith is a noncustodial option that allows ETH and ethereum-based tokens to be stored in its mobile wallet before being converted and spent on the Monolith Visa card. Billed as a “decentralized bank,” Monolith is closely aligned with the defi movement that has come to define Ethereum. DEX integration will be added soon, together with support for the Ethereum Name Service.

Since 2017, UK digital bank Revolut has let users from the EEA buy, hold and exchange crypto, with the possibility of instantly exchanging any of 30 fiat currencies directly into bitcoin, litecoin, ethereum, bitcoin cash and XRP (and vice-versa). Revolut takes a flat 1.5% cut but it’s possible to transfer crypto to other Revolut members in seconds without paying a fee. Buy goods in-store or online using the Revolut debit card or app; if you only have crypto in your account, Revolut will exchange it into fiat in the retailer’s local currency at the point of purchase. Cryptocurrencies are only available on Revolut’s paid plans: it’s £6.99 a month for a Premium card and £12.99 for a Metal one.

Cryptopay is one of the original bitcoin payment cards, and offers a plastic prepaid card (for ATM withdrawals and offline shopping, $15) and a virtual equivalent (online, $2.50). Available in the U.K., Russia and soon to be available in Singapore, Cryptopay supports only bitcoin alongside fiat currencies GBP, USD and EUR. For a breakdown of the relevant fees for both cards, see here.

It’s fair to say Europe is one of the best regions for those wishing to use crypto-fiat debit cards; in addition to the aforementioned options, there are cards from Bitnovo, Coinbase, Uquid (89 cryptos supported) and 2gether.

North American Crypto Debit Cards

With support for BTC, ETH, XRP, GUSD, USDC, PAX and BCH, Bitpay’s debit card remains one of the best options for U.S. residents. In fact, it’s available to U.S. citizens only. The card costs $9.95 and can be topped up using eight fiat currencies from the Bitpay wallet, then used anywhere that accepts Visa. Bitpay’s currency conversion fee stands at 3% of the transaction, and a $3 charge is due every time you use an ATM outside the U.S. Transaction limits are set at $10,000 a day and you can’t withdraw any more than $1,500 a day or $5,000 a month.

Wirex is planning to launch in the U.S. in the next month, however, meaning that American citizens will soon have another way to exchange their cryptocurrency for fiat.

Global Crypto Debit Cards

Singapore-based financial platform Paycent claims to have onboarded 94,000 customers to its crypto-fiat debit card since it launched in April 2018. While initially supporting only bitcoin, Payment now offers a wide range of cryptos – ETH, BNB, LTC, XRP and DASH included – and represents a global solution, accepted by 36 million merchants in 200 countries. With Paycent cards, you can convert your virtual currency into fiat then spend it online or in physical stores; you can also withdraw cash in the local tender at ATMs throughout the world.

Three Paycent cards are available: Ruby, powered by China Union Pay, has a daily spending/withdrawal limit of $5,000; Sapphire, powered by Union Pay International, has a daily spending limit of $5,600 and a withdrawal limit of $1,650; and Solitaire, powered by Mastercard, carries a daily spending limit of $13,000 and a withdrawal cap of $10,000. Each card costs $49, and while Ruby has no monthly fee, the other two cost $2 per month.

Launched in 2019, Crypterium‘s card lets you spend crypto at over 50 million merchants in 178 countries, as well as withdraw in fiat from 2.5 million ATMs. If you’re too impatient to wait for the plastic, you can get started with a virtual equivalent in a few minutes. The card is priced at $9.99 and there are no monthly fees unless you jump onto a Plus or Premium plan, where benefits include higher crypto-to-fiat transaction limit, priority support, a savings account, insurance and even a personal manager. Supported cryptos at present are bitcoin, ethereum, litecoin and the native CRPT token, with transaction limits set at $10,000 (daily) and $60,000 (monthly).

Crypto.com’s MCO Visa card (formerly the Monaco Card) is quasi-global, in the sense that it’s available in the U.S., Europe and Singapore. Five different cards are available, with MCO rewards paid in a tiered fashion (1-5%) on every purchase. Disappointingly, even the top-tier card has a monthly ATM withdrawal limit of $1,000.

Crypto debit cards make the process of spending digital assets easier. After all, no one wants to jump through hoops selling their bitcoin on an exchange to fund lunch or coffee. If you want to use your tokens for everyday purchases, get yourself a debit card and start spending those satoshis.

Which crypto debit cards do you recommend? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

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