What is the relationship between cryptocurrency and payment processing options? According to new data from BitPay, U.S. consumers are eager to load their Mastercard-branded BitPay cards with digital assets.
The company is a payment service provider that was founded in May 2011. Earlier this year, on June 11, the company introduced U.S. cryptocurrency users to the BitPay Card. The card allows users to convert cryptocurrency into fiat currency, which can then be spent at locations where Mastercard debit is accepted.
For users who prefer to make online purchases, the BitPay Card can be used as well. The same can be done to withdraw money from ATMs at applicable locations around the world.
“The BitPay Card offers new benefits and features for consumers making it easier to convert Bitcoin and other cryptocurrency into a spendable balance without currency risk,” Stephen Pair, the co-founder and CEO at BitPay, said.
Pair added that he was excited to work with Mastercard in order to expand the use of cryptocurrency. It would make it easier for businesses to appeal to new customers who wish to spend Bitcoin. Additionally, users would also be offered more places to make their purchases.
Sherri Haymond, who is the executive vice president of digital partnerships at Mastercard, shared Pair’s excitement in increasing consumer choice. “At Mastercard, we’re committed to offering differentiated financial services to consumers on a global scale,” Haymond said. “We’re excited to be working with BitPay to offer consumers greater choice and flexibility when it comes to managing their finances.”
The relatively new BitPay Card offers shoppers a smart, safe, and fast way to convert currency from crypto to fiat without conversion fees, according to a press release. The card uses an EMV chip that provides an extra layer of security. This is in addition to being contactless-enabled in terms of payments.
In order to use the BitPay Card, an individual has to download the BitPay mobile application first, as it can help them reload their card, see their transaction history, as well as manage their card settings. The application also allows its users to buy cryptocurrency and gift cards from well-known brands. In addition to completing a residency and identity verification, users who wish to use the card must be at least 18 years of age or older.
Currently, the card supports the BCH, BTC, ETH, XRP cryptocurrencies. As for stable coins, they include BUSD, GUSD, PAX, and USDC.
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