Blockchain.com announced a new debit card in partnership with Visa that helps customers pay with crypto easier.
According to the announcement tweet, the debit card comes with various benefits. It doesn’t charge fees for the customers. The card will be accepted everywhere that Visa cards are supported. Besides, you will earn 1% back on all purchases.
Introducing the https://t.co/0DZyULavbV Visa® Card.
✅ Spend your crypto or cash without fees
✅ Use it anywhere Visa® debit cards are accepted
✅ Earn 1% back in crypto on all purchases
— Blockchain.com (@blockchain) October 26, 2022
Pay with Crypto Easier
The new debit card from blockchain.com and Visa is now ready for sign-up. But there’s a whitelist, and chosen users can initially make purchases with that.
The Blockchain.com Visa Card leverages the payments network of Visa and the modern card issuing platform of Marqeta while offering no fees, card issuance costs, or annual fees as part of its service.
Peter Smith, Blockchain.com CEO and Co-Founder said:
“As one of the crypto industry’s oldest and most trusted platforms, we’re excited to roll out the natural next step to make crypto easy to use in the real world and accessible to as many people as possible. This is a prime example of digital assets making their mark on the existing financial services industry as we shape the future of (mainstream) finance.”
The 2022 State of Money Movement study, carried out by Marqeta, showed that 38% of US consumers surveyed owned cryptocurrency in 2022. As a result, the growing need to make use of cryptocurrency in everyday life situations is becoming increasingly important.
In a survey conducted by the Financial Times, 93 percent of cryptocurrency owners surveyed said they hold their cryptocurrency as an asset, but there is a significant demand for consumers to use the cryptocurrency more as a currency for exchange, with almost three-quarters (82%) of consumers surveyed globally stating they would be interested in using cryptocurrency for everyday purchases if their cryptocurrency exchange offered them a debit card.
Marqeta’s Just-in-Time Funding feature, which is available at Blockchain.com, allows users to use their crypto balance to fund transactions in real time and then settle those transactions in fiat currency seamlessly.
As part of the Blockchain.com Visa Card offering, a verified Blockchain.com Wallet account will be linked to the card. All US merchants that accept Visa debit cards, will be able to accept customer cryptocurrency or fiat balances when paying for goods and services online and in person.