Visa has been working to enable crypto payments for quite a while now. Their goal is to enable the payments at every merchant they are working with. At the same time, the company was looking to explore the possibilities of a physical crypto debit card. Now reports suggest that Visa is going to approve a crypto debit card issued by an Australian company. The card will have support for Bitcoin and other altcoins depending on the demand of the same. As of now, the startup has added support for ETH, LTC, BTCSCH, and XRP.
Crypto visa card issued by Cryptospend
The card will be issued by an Australian startup Cryptospend in partnership with Visa due to their wide network. If the physical crypto card tales off, then it is going to be big for the startup as Visa already has a lot of users. With Visa’s approval, users with the card can pay at every Visa merchant all over the world. This will increase the use of cryptocurrencies and make them more practical. In fact, this is how Bitcoin was designed; to be used as a medium of transaction.
There are already many apps that let you spend crypto at stores. But it will also be the first time that a physical card will be used to spend crypto. Hence, it will also be quite a big achievement for the startup. At the same time, Visa’s entry into the crypto card department might make Mastercard follow the same footsteps.
Security of the card
In order to make sure that the card is completely safe to use, Cryptospend has made sure to keep privacy among the top priorities. They have complied with all the security protocols along with the anti-money laundering requirements so that Visa is willing to work with them. The company is also working with the New payments platform backed by the central bank. This allows users to transfer their crypto balances directly to the banks and also pay bills using their platform.
Visa has already seen a huge increase in the payments made using crypto. And therefore, the issuance of complete crypto-based debit cards will also be beneficial for their business. What are your thoughts on the same? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.