Bitcoin adoption is also advancing down under. Ein000 FinTech is cooperating with Visa for a crypto card.
Pay with Bitcoin in the pub? Australians: this option will be open to them in the future. Thanks to a cooperation between the credit card giant Visa and the local fintech CrytpoSpend.
The Australian Financial Review reported on July 14th that the two companies had come to an agreement for a so-called “Zero Balance Card”. This prepaid card allows users to pay with Bitcoin at all locations connected to the Visa payment infrastructure. No fiat money is loaded onto the card, the credit is determined directly from the value of the cryptocurrencies in the associated wallet.
In addition to Bitcoin, the card also supports Ethereum, Ripple and Bitcoin Cash. The functions should be available from September. The Australian Novatti Group takes care of the issuance of the card. An official announcement of Visa is to follow in the next few days.
Bitcoin cards trending
Andrew Grech from CryptoSpend is convinced that the new Bitcoin card will attract interest from many investors. The card offers Australians a way to cash out their Bitcoin winnings instead of selling the cryptocurrency:
We have a great demand for the card. When the market is green, someone may choose to spend some of the profits. On the other hand, say the other person that it will continue to rise and accordingly keep the coins. In general, we’ve seen more spending when the price has gone up.
Andrew Grech from CryptoSpend
Visa numbers confirm that crypto cards are on the rise. The company recently announced that it generated more than $ 1 billion in sales from such plastic in the first half of 2021. The card giant is therefore continuously expanding its involvement in the Bitcoin world.