Atlanta-based blockchain firm, BitPay, announces its new prepaid debit card available to U.S. customers with an aim to improve contactless payments and provide a fast and cheap gateway to spend cryptocurrency at any MasterCard accepted stores in the world.
BitPay Launches MasterCard Prepaid Debit Card
BitPay, a payments processor founded back in 2011, aims to provide a gateway for crypto users to use their coins in their day to day activities. The launch of the MasterCard enabled debit card will allow users to load the card with dollars straight from their crypto wallet. They can then use the card at any MasterCard accepted merchants and the 1,100+ stores partnering with BitPay.
The card allows instant reloads from the crypto wallet with no conversion fees from crypto to fiat. However, the company sets a daily reload limit of $10,000 and the transaction fees are not mentioned on BitPay’s website.
Users can also withdraw money through an ATM at a $2.50 fee and pay 3% to exchange the dollars and crypto to foreign currency. BitPay also offers users a virtual debit card for online shopping and quick access.
BitPay only offers services to U.S. customers but aims at expanding globally starting with Europe, the statement reads.
@BitPay is excited to announce the release of the first ever US prepaid @Mastercard that can be loaded with dollars converted from cryptocurrency. Download the BitPay App to order the card or go to https://t.co/Zhp0IR64Et to learn more.#crypto #card #bitcoin #prepaid pic.twitter.com/vQpSWBXFn3
— BitPay (@BitPay) June 11, 2020
A safe non-custodial wallet
The new debit card will offer similar services and security to regular bank cards including an EMV chip and contactless payments in light of the current global pandemic. The exchange is non-custodial meaning users get to control their assets fully allowing users to convert and use crypto anywhere and anytime they want.
This is a bit different from debit cards that convert crypto from your exchange balance at the point of sale and slapping heavy fees on the transaction.
The growth of BitPay has been swift since its $500,000 seed funding round in 2013 becoming the first payment processor to list XRP in the U.S. The fourth-largest coin joined a slew of accepted cryptocurrencies on the platform including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and a number of stablecoins including GUSD, PAX, USDC, and recently Binance’s BUSD.