BitPay Card

2020: Card issue

In the middle of June, 2020 the BitPay company specializing in payment services on a blockchain started the prepayment-based debit card MasterCard which allows clients to pay from the USA purchases with cryptocurrency.

The BitPay Card card allows clients to convert cryptocurrency into fiat money, and then to load funds for the card and to spend in any shops accepting the debit cards MasterCard around the world. Holders of cards can also remove US dollars from ATMs and make purchases on the Internet.

Mastercard debit card issue for payment of purchases in cryptocurrency is begun

BitPay states that it will not levy a payment for converting of cryptocurrency in Fiat, but does not specify, how much is the commission for transaction on the card. Nevertheless, it is known that users will pay $2.50 for cash withdrawal in the ATM and 3% for currency exchange. As well as the normal credit or debit card, BitPayCard uses the EMV chip for contactless payments and also for ensuring additional security. The day limit of expenses makes $10,000 at the maximum balance of $25,000.

BitPayCard can also function as the virtual card linked with mobile application of BitPay where users can check balance, view transaction history and change settings of the card. The BitPay card supports bitcoin (BTC), bitcoin by cash (BCH), air (ETH), XRP and stable coins, including USDC (USDC), GUSD, PAX and BUSD.

BitPay uses Galileo Financial Technologies technology which allows the company to use API interfaces for sale Bitcoin in real time. Then proceeds are uploaded on the Galileo platform, and transactions are processed using payment hand-rail of MasterCard.

So far the card is available only in the USA, but on the website of the company users from Europe can be registered in the waiting list.^[1]

You look also the Blockchain and cryptocurrency

You watch also Payment systems and services

Notes