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The first Mastercard geared for cryptocurrency users is finally here. BitPay recently launched the BitPay Card, a prepaid Mastercard available for in the United States.
Users can user various cryptocurrencies, which are instantly converted into fiat currency, to load the BitPay prepaid Mastercard, according to Business Wire. Just like any Mastercard, people can use it anywhere in the world Mastercard debit is accepted. It can only be used for withdrawals from ATMs as well as for online purchases.
“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,” BitPay CEO and co-founder Stephen Pair said. “We are excited to work with Mastercard to expand crypto’s use while making it easy for businesses to attract new customers who want to spend Bitcoin and offer more places for customers with Bitcoin to shop.”
Aside from easy and fast conversion of cryptocurrency to fiat currency, the BitPay Card offers a host of advantages to its users. For instance, there is no conversion fee when users convert their tokens into cash so they’re assured that the entire converted value will be loaded into the prepaid card.
The second advantage is security. The card features an EMV chip for added security and is ready for contactless payments. Its BitPay mobile app, which is required for making reloads, can be used to easily track transactions so users are updated as to what amounts are charged into the card.
Another advantage is that the funds from the converted cryptocurrencies are made available to users in just minutes. One can also use a variety of cryptos such as BCH, BTC, ETH, XRP as well as stable coins USDC, GUSD, PAX, and BUSD to reload the prepaid card.
Meanwhile, BitPay announced that it will be its flagship Visa prepaid card will no longer be available on December 31, 2020. “This program termination means that all Bitpay prepaid Visa cards will expire and stop working on December 31, 2020, regardless of the expiration date printed on your card,” the company explained as reported by Bitcoin.com.
BitPay will also stop accepting reload to the Visa card months before its December 31 termination. According to the company, July 31, 2020, will be “the last day you will be able to load funds to your card including converting cryptocurrency to fiat for use.”
