Binance launches Visa card for crypto payments
Mon, 30 Mar 2020, 00:23 am UTC
Crypto exchange Binance announced in a press release that its Visa card is ready and it does more than regular payment cards do.
“The Binance Card does everything a regular payment card does, plus much more. It works like a regular debit card issued by your bank – which, in this case, is your Binance.com account. You simply top-up your card with funds through the Binance Card App in the form of Bitcoin or BNB, and you're ready to go. It's as simple as transferring BNB from one wallet to another,” the announcement read.
The Binance Card is issued by Visa and is accepted by over 46 million merchants offline and online in 200 regions and territories making it easier to shop and pay with crypto. The card will use the balance for payments and will automatically deduct all expenses from the balance.
Binance Cards can be used to buy gifts, shop for groceries, or pay bills online. With this, crypto enthusiasts will no longer need to sell crypto to pay bills. Also, one can still keep HODling and spend only what is needed to make a payment.
The Binance Card is currently available as a virtual card in a Beta version. A physical card is coming soon. Binance will make an initial release in Malaysia and add more countries as they go along because they are making this available globally in the upcoming weeks. Binance users can register their interest in Binance Card on its landing page and be notified once the card is available in their region.
To enjoy this, users just have to download the Binance Card App, log in to the Binance account or register a new one and complete simple and secure identity verification.
To get the card, users can order it for a one-time cost of $15, which is payable in the form of an initial top-up from the crypto wallet to the Binance Card balance. Binance users can transfer $15 worth of BNB or BTC to the card balance and Binance will process the order. The exchange doesn’t charge any monthly or annual fees.
Users have to use the Binance Card App to manage funds, card security, and spending. Also, users have to load it with funds by transferring Bitcoin or BNB from Binance.com wallet. The Binance Card App will be available soon.
Meanwhile, crypto exchange CoinZoom just launched its CoinZoom Visa Card last week. The card can be linked directly to the customers’ accounts. CoinZoom customers can select their fiat wallet or crypto wallet which supports Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Litecoin (LTC) and other digital assets.
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