Bitpay discloses prepaid Mastercard in cryptocurrency to US users
On June 11, 2020, cryptocurrency payment provider, Bitpay announced that the company is launching a prepaid Mastercard for cryptocurrency users in the United States. The Atlanta-based company says the card can be used wherever Mastercard is accepted and users can instantly convert cryptocurrency into fiat currency.
@BitPay is excited to announce the release of the first ever US prepaid @Mastercard that can be loaded with dollars converted from cryptocurrency. Download the BitPay App to order the card or go to https://t.co/Zhp0IR64Et to learn more.#crypto #card #bitcoin #prepaid pic.twitter.com/vQpSWBXFn3
— BitPay (@BitPay) June 11, 2020
Prepaid cards are hoping to enter a whole new market, as recent findings show that 36.5 million people in the United States own some cryptocurrencies.
BitPay Card allows customers to convert their cryptocurrency into fiat. The card can then be loaded and spent wherever Mastercard debit is accepted. The BitPay Card allows users to upload it with selected cryptocurrencies and stablecoins using a smartphone app.
Mr. Stephen Pair, co-founder and CEO of Bitpay explained: The Bitpay card offers new benefits and features for consumers, making it easier to convert Bitcoin and other cryptocurrencies into a spendable balance without monetary risk.
Like the company’s leading Visa prepaid cards, people will be able to download BTC, BCH, ETH, XRP and stablecoin USDC, GUSD, PAX and BUSD. Cardholders can also withdraw US dollars from ATMs and make online purchases. It supports a maximum balance of $ 25,000, with a daily limit of $ 10,000 for both downloads and spending, as well as up to three daily ATM withdrawals up to $ 2,000 each.
The Atlanta company says that this card is secure and has an EMV chip. Bitpay MC prepaid card security EMV chip enhances security and also allows contactless payments. Deposits are provided after one blockchain network confirmation and the card also tracks and manages card spending.
Sherri Haymond, executive vice president, Digital Partnerships at Mastercard, said that at Mastercard, we are committed to providing differentiated financial services to consumers around the globe. We are delighted to be working with Bitpay to provide consumers with more choice and flexibility when managing their finances.
Prepaid MC cards also issued in the United States are supported in all 50 U.S. states. Bitpay states that prepaid MC customers must be 18 years of age or older and they must also successfully complete identity verification and residency.
The company’s Visa prepaid Bitpay card services
The company’s Visa prepaid Bitpay service will end on December 31, 2020. Currently, the termination of this program means that all Bitpay Prepaid Visa cards will expire and stop working on December 31, 2020, regardless of the expiry date printed on your card, the company explained.
Spending ends in December, while July 31, 2020, will be the last day you can top up your card, including converting cryptocurrencies to fiat for use. Please redirect any periodic bank deposits, such as payroll, before this date.