UK’s Payglobal e-Wallet Service Launches Crypto-to-Fiat Transfer Option with Debit Cards
In a bid to make it easier for cryptocurrency investors, freelance workers, and others to exchange their blockchain-based virtual currencies into fiat money, Payglobal, a U.K-based firm is now offering users crypto-to-fiat transfers to their existing bank cards, according to reports on March 3, 2019.
Payglobal's Crypto To Fiat Transfers Now Live
At a time when several firms offering cryptocurrency debit card services have called it quits, Payglobal has unveiled a state-of-the-art service that allows users to transfer their digital assets to their existing bank cards.
At current, the service is available to people in Australia, Singapore, Nigeria, Mexico and throughout the European Union.
The Payglobal innovative service allows users to seamlessly transfer supported cryptos to fiat and load their preferred bank cards.
Payglobal provides users with a vast array of options to receive money, including bank transfer, debit card, digital assets, and alternative payments.
More Cryptos Will Be Added Shortly
Commenting on the development, Giora Tal, CEO of Payglobal has reportedly made it clear that the firm is making active plans to add support for more cryptoassets, while also expanding its reach to many more countries in the near future.
Tal has also explained that the primary objective of Payglobal is to simplify payments by creating an innovative option for people to get paid.
In her words:
“Converting cryptoassets to fiat money and transferring it to your existing bank card through our regulated e-wallet system, gives users a superfast and easy way to access their funds across the globe. The way we can transfer money from person to person, or company to an individual is continually evolving and we are happy to be the pioneers paving these new payment channels.”
How It Works
To enjoy Payglobal's innovative services, users are required to sign up on the Payglobal.me website and undergo a know-your-customer (KYC) verification process.
Specifically, new Payglobal users must submit valid government-issued identification, proof of address, as well as a verified mobile phone number.
Once the entire approval process is complete, users will now select the particular fiat currency they wish to withdraw, and they pay a crypto invoice.
If the transaction is successful, the user will see the updated fiat balance on his/her Payglobal account dashboard, and they can now go ahead to transfer the funds to their Visa bank card.
Importantly, users can only transfer a minimum of EUR 5, and a maximum of EUR 1,000 ($1,137) and the Payglobal service is not available to U.S. residents and some other countries.
Although there are a vast array of crypto-powered debit cards currently in existence, Payglobal claims its solution is the most convenient of them all, as it allows users to transfer funds to an existing bank card.
That's not all; the firm also says it has a vast array of tools for freelancers, fintech firms, the gig economy and more.