Tag: Debit Card

Bybit Launches Debit Card for Crypto Payments

by Blockchain News

Bybit, the Singapore-based cryptocurrency exchange, has announced the launch of its new debit card that will allow users to make payments and withdraw cash using their cryptocurrency holdings. The Bybit card will operate on the Mastercard network and will initially allow fiat-based transactions by debiting cryptocurrency balances when used to pay for goods and services. The new service begins with the launch of a free virtual card for online purchases, while physical debit cards are set to be available in April 2023. The card will work with Bitcoin, Ether, Tether, USD Coin, and XRP balances on user accounts. Payments made with the Bybit card will automatically convert the balances of these initial cryptocurrencies into euros or pounds, depending on the user’s country of residence.

ATM withdrawals and global payments will be limited to the aggregated cryptocurrency holdings of a user’s Bybit account. The cards will be issued by London-based payments solutions provider Moorwand. Bybit’s move into the debit card space comes just days after the exchange announced the suspension of U.S. dollar bank transfers, citing “service outages” by one of its processing partners. Bybit users can continue to make USD deposits using Advcash Wallet and credit cards, while users are urged to carry out any pending U.S. dollar wire withdrawals by March 10.

The virtual and physical debit card offerings are a major step forward for Bybit, as they allow users to seamlessly use their cryptocurrency holdings in the real world. This move follows a report at the end of February 2023 that suggests Mastercard and Visa would hold off on announcing or embarking on further direct partnerships with the cryptocurrency and blockchain industry. However, Mastercard has been exploring payment options in USDC through new partnerships, while Visa has hinted at plans to allow customers to convert cryptocurrencies into fiat on its platform in 2023.

Overall, Bybit’s new debit card offering is a significant development for the cryptocurrency industry, as it marks a major step towards the integration of digital assets into everyday life. The ability to use cryptocurrency for daily transactions has long been seen as a key milestone in the industry’s development, and the Bybit card is a major step towards achieving that goal. With the popularity of cryptocurrency continuing to grow, it is likely that we will see more companies launching similar services in the coming years.

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PayPal Xoom Offers Debit Card Deposit Cross-Border Remittance

by Blockchain News

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The international money transfer service Xoom, which is owned and operated by the financial technology company PayPal, has introduced a new offering that enables customers in the United States to send money straight to users of Visa debit cards.

A recent release made by PayPal indicated a partnership between Xoom and the financial services company Visa. This partnership makes it possible for debit card customers to receive payments straight from Xoom.

There are now 25 nations that support the functionality, some of which include the Philippines, Sri Lanka, Thailand, Ukraine, and Vietnam. Users no longer have to wait the standard amount of time for wire transfers, which is five business days, since a recently introduced feature now makes it possible for them to have access to their money in a matter of minutes.

According to Wei-Lin Lee, vice president of remittances at PayPal, the new service has the potential to assist individuals throughout the winter and during the holidays. Lee noted that during those times, many customers were transferring money to their friends and family located in other countries, and that this process needed to be completed as rapidly as possible.

Yanilsa Gonzalez-Ore, the CEO of Visa Direct North America, observed that there has been a rise in demand for “digital solutions that assist eliminate hurdles” among those who want to transfer money to other countries.

In the meanwhile, PayPal has become more comprehensive in its coverage of all aspects of financial transactions. In improving its product offerings in international financial transactions, the firm has now begun accepting cryptocurrencies as payment.

In 2018, the company launched the pilot program for its cross-border payments, which resulted in considerable time and cost savings for participating institutions.

In the year 2022, the business began enabling native transfers of digital assets from PayPal to other wallets and exchanges that were hosted on third-party platforms. Cross-border payments for companies are often connected with Ripple within the crypto space. Ripple is the company that is behind the XRP coin, which is now at the center of an ongoing court case.

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Huobi And Solaris Offer EU Crypto-To-Fiat Debit Cards

by Blockchain News

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As the cryptocurrency market continues to expand into the mainstream, several legacy financial institutions have made it a priority to work toward closing the gap that exists between digital and traditional currencies. The [crypto] industry is steadily making its way into the mainstream markets.

An announcement on a partnership between the cryptocurrency exchange Huobi and the European provider of financial services Solaris has been made public. The partnership will result in the creation of a debit card that can convert cryptocurrencies into fiat currency.

Users of Huobi now have the ability to make use of their digital assets at points of sale anywhere in the globe as a result of a program that has been given permission to operate by Visa.

Beginning in the second quarter of 2023, users who are situated inside the European Economic Area (EEA) will be able to have access to the card. The European Economic Area (EEA) is comprised of all 27 nations that are participants in the European Union (EU), in addition to Norway, Iceland, and Liechtenstein.

Citizens of countries that are members of the European Union have access to more than one crypto-to-fiat card at this time. In the year 2020, cryptocurrency exchange Binance launched its very own crypto-to-fiat card, which received Visa’s stamp of approval. European users now have the ability to withdraw fiat cash straight from their Binance accounts using this card. Outside of the European Union, Visa has been a strong advocate for bridging the gap between digital money and traditional currencies such as dollars and euros.

In October 2022, Blockchain.com made public their partnership with Visa to produce a debit card that could be used to purchase cryptocurrencies. The usage of this card is strictly limited to inside the boundaries of the United States of America.

Most recently, the supplier of financial services and a company in the financial technology industry called ZELF worked together to offer customers a debit card that protects their anonymity and can be filled with cryptocurrencies.

A function that would allow customers to automatically pay bills from their bitcoin wallet is another feature that Visa has suggested it may roll out before the beginning of 2023.

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Blockchain.com Accepts Visa Debit Cards for Crypto Payment

by Blockchain News

Blockchain.com has accepted Visa debit cards payment to enable users to spend from their crypto balances free of charge, with the opportunity to gain cryptocurrency rewards.

Per the announcement:

“Initially available to US residents, users can spend their crypto or cash within their Blockchain.com Wallet without fees and earn 1% back in crypto anywhere Visa debit cards are accepted.”

Blockchain.com Visa Card seeks to make crypto usage easier, given that it leverages Marqeta’s latest card issuing platform and Visa’s payments network. 

Peter Smith, the co-founder and CEO of Blockchain.com, pointed out:

“As one of the crypto industry’s oldest and most trusted platforms, we’re excited to roll out the natural next step to make crypto easy to use in the real world and accessible to as many people as possible.” 

He added that the Blockchain.com Visa Card would play an instrumental role in shaping the future of mainstream finance. 

Based on Marqeta’s notable Just-in-Time Funding feature, Blockchain.com users will have the chance to seamlessly transact in fiat from their available crypto balances. 

This will be made possible because each Blockchain.com Visa card will be linked to an approved Blockchain.com Wallet account.

Simon Khalaf, Marqeta’s chief product officer, stated:

“Blockchain.com has built up a massive user base, and we’re proud that our platform can make it possible for their customers to spend against their cryptocurrency wallet at the point of sale, using the magic of Just-in-Time funding.” 

With Marqeta’s 2022 State of Money Movement survey disclosing that 38% of US consumers are crypto owners, it highlighted the surging need for crypto usage in daily scenarios.

Cuy Sheffield, the head of crypto at Visa, noted:

“At Visa, we believe for crypto adoption to grow, it’s critical for it to be easily accepted everywhere. We’re excited to partner with leading crypto wallets and exchanges like Blockchain.com to unlock more ways consumers can use their crypto for everyday purchases.”

Meanwhile, Mastercard recently inked a deal with BitOasis to establish a series of crypto card programs aimed at boosting daily cryptocurrency usage in the Middle East & North Africa (MENA) region, Blockchain.News reported. 

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Kucoin Global Users Can Now Purchase Crypto With Debit/Credit Cards

by Blockchain News

KuCoin exchange has launched the KuCoin Fiat Account, an avenue by which its customers around the world can fund their accounts using either a Visa or Mastercard debit or credit card.

According to the company, the new fiat account will permit the deposit of US Dollars, and customers will be able to purchase a wide range of digital currencies through the Fast Buy channel.

Granting easy access to purchase digital currencies like Bitcoin (BTC) remains a major focus amongst digital currency trading platforms worldwide. While many exchanges have a payment gateway through third-party financial institutions, users can fund their accounts to purchase their digital currency of choice; direct access through debit or credit cards is necessary to enhance user experience (UX).

“As the ‘People’s exchange’, KuCoin continues to improve the experience for all classes of crypto investors by introducing advanced products with less complexity and lower fees. The KuCoin Fiat Account will help get more intenders on board, contributing to the mass adoption of crypto ahead,” Johnny LYU, the Chief Executive Officer at KuCoin Global, said in an official statement.

KuCoin stated that the new funding method would primarily focus on the USD at inception while support for up to 50 coins will be provided shortly. 

Regulatory pressures are fast forcing many exchanges to pull out their fiat support services in key crypto hotspots around the world. Following a wave of crackdowns on the Binance exchange, the trading platform has had to suspend its fiat support for its users in Singapore, South Korea, and South Africa amongst others. 

The provision of USD fiat support globally showcases that the KuCoin Exchange is threading on a clear path in terms of regulatory standing. According to the trading platform, other fiat currencies to be integrated shortly include EUR, AUD, GBP, and RUB. 

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Visa Approves Australian Startup CryptoSpend to Issue Debit Cards in Cryptos

by Blockchain News

The world’s leading payment giant, Visa, approved the Australian startup CryptoSpend to issue debit cards for its customers to consume through cryptocurrencies.

According to the Australian Financial Review on July 14, the debit card will allow CryptoSpend customers to spend their cryptocurrency profits in stores, bars, and other places to pay for daily necessities through its app and support cryptocurrencies transactions, including Bitcoin(BTC), Ethereum(ETH), Ripple(XRP), Bitcoin Cash(BCH), and Litecoin(LTC).

This is the first time that payment cards have been allowed to operate in Australia and use cryptocurrency to pay on existing retail payment terminals. The payment card runs on the network of one of the international card schemes.

CryptoSpend is a start-up company co-founded by Andrew Grech and Richard Voice, two partners from the University of Technology Sydney.

One of the co-founders, Andrew Grech, revealed that direct consumption is a more convenient way of selling, stating that:

“More crypto investors would look to cash out their trading gains in shops.”

It is reported that the card will be officially issued in September by Novatti, which is listed on the Australian Stock Exchange. The encrypted assets will be hosted by BitGo, a digital asset trust company and security company headquartered in Palo Alto, California.

As reported by Blockchain.News on July 8, Visa announced more than $1 billion worth of crypto has spent in the first six months this year by consumers globally. Attributed to cryptocurrency adoption continues to scale the heights, the payment giant believes that the amount would mainly spend on goods and services with its crypto-linked cards.

CryptoSpend revealed that:

“For the tens of millions of people using those platforms, one of the simplest ways to spend crypto is through a Visa card. We’re seeing digital wallets and crypto platforms build payment products entirely with digital currency.”

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Wirex and Fireblocks Partner to Launch High-Interest Crypto Savings Accounts

by Cryptobriefing

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Institutional Exchange Bakk Launches Crypto Debit Card

by Blockchain News

Bakkt announced Tuesday that the intercontinental exchange (IEC) has introduced a new virtual Visa debit card named “Bakkt Card” for retail purchases in terms of crypto transactions.

Crypto fans now have more options to enjoy their spending in terms of virtual currencies.  

The Alpharetta-based IEC has introduced their services by launching a new virtual Visa card to purchase goods and services for its clients through an online or in-store medium, according to the press release.

“Now, instead of selling and waiting to transfer to a bank, they can walk into their favourite store, tap their Bakkt Card and buy that new item they’ve been eyeing,” Gavin Michael, Bakkt CEO, said in a statement.

Michael also said the company aims to offer more choice for consumers and the Bakkt Card untethers bitcoin owners from their online-only past into a world with countless options, helping their customers to “leverage the digital assets in their day-to-day lives.”

Bakkt said their latest service could enable consumers to enjoy their spending by deducing Bitcoin and US dollars from their account balance directly, without further delay to convert crypto into fiat money. In addition, customers can now apply for a debit card through their app.

Last year, Bakkt expanded its financial services to institutional investors and integrated its token cash with the Starbucks payment app.

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