- BitPay has announced a new crypto debit card tie in with MasterCard
- New card replaces existing Visa card offering due to expire at the end of the year
- BitPay launched the first such debit card in 2017
BitPay has announced the launch of a cryptocurrency debit card from MasterCard to replace the existing Visa card which is being scrapped this year. BitPay, who recently announced that its existing Visa card offering was coming to an end after a three-year association, has moved quickly to offer an alternative that customers will find just as easy to use and has turned to Visa’s card rival to fulfil its aims.
Spend Your Crypto on the Go
Cryptocurrency Visa cards have grown in popularity over the years, but the BitPay deal marks the first time MasterCard has got in on the act. The BitPay/MasterCard blockchain debit card allows users to top up their card with a variety of cryptocurrencies and either store them on the card or convert them to dollars within the BitPay app.
The contactless card, which has a $10,000 daily top up and spending limit, can then be used wherever MasterCard is accepted to pay for goods and services, with users also able to withdraw money from ATMs.
BitPay boasts that the card carries no conversion fees, although miner fees apply and users are bound by BitPay’s own crypto conversion rates. BitPay states that these exchange rates are “competitive”, but if this author’s experience with Revolut is anything to by then the level of competitiveness is often just low enough to make up for any lack of commission fee.
BitPay the Cryptocurrency Debit Card Trailblazers
BitPay was one of the first companies to issue a blockchain debit card back in 2017 when they inked a deal with Visa, but that deal will come to an end later this year after a three-year partnership. Not wanting to leave their users in the lurch however, the company has managed to replace the Visa card with a MasterCard, although BitPay has warned users that their funds will not be migrated from the old card to the new one and that they need to arrange their own transfer of funds before the December 31 deadline.
