- Mastercard has teamed up with cryptocurrency exchange CoinJar to produce the world’s first payment card
- The CoinJar Mastercard aims to make digital asset services more accessible to regular people
- Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are among the 30 cryptocurrencies supported by the new digital asset card (XRP)
Mastercard (NYSE: MA) has teamed with cryptocurrency exchange CoinJar to offer the first payment card in Australia that accepts digital currencies. The CoinJar Mastercard aims to make digital asset services more accessible to regular people. The card, which will work anywhere Mastercard is accepted, lets users choose which cryptocurrency they want to spend and converts it to Australian dollars automatically before completing the transaction.
About the Cryptocurrency Mastercard
Activating the card is free, according to an official blog post published by the crypto exchange. There are no monthly fees for using the card, despite the fact that it has a 1% transaction fee that can be returned to the user as CoinJar incentives.
The card was the first Australian-native crypto card, according to Dominic Gluchowski, chief marketing officer at CoinJar, who told CoinDesk via email on Monday. For technological expertise, the exchange enlisted the help of EML, a payments solutions supplier.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are among the 30 cryptocurrencies supported by the new digital asset card (XRP). Meanwhile, Australian consumers will be able to purchase CoinJar digital cards using Apple (NASDAQ: AAPL) Pay and Google (NASDAQ: GOOGL) Pay. The business also teased that the card may be available in the United Kingdom soon.
Visa had partnered with 2 Uni students to bring the Mastercard
They quickly became fast friends, and in October of last year, they co-founded CryptoSpend, a service that allows Australians to pay their expenses with cryptocurrencies. The university students have also persuaded Visa, the world’s largest financial services company, to collaborate with them. They may offer physical debit cards to cryptocurrency traders, who can then spend money in real-time as the price rises and falls, thanks to a partnership with Visa.
Mr. Voice and Mr. Grech announced the design of this card on Wednesday. It’s Australia’s first card of its kind. The card can be used for in-store purchases as well as online purchases. They’re giddy with anticipation. Mr. Voice continued, They designed something to provide a solution into a market where we’ve spotted a space. Digital cards, as well as physical cards, are another fascinating feature. You’ll be able to get it (a crypto debit card) right away in your Apple Wallet.
Despite the fact that it is Australia’s first crypto debit card, other countries have already adopted the technology. PayPal currently allows users in the United States to change bitcoin into real-world currency at digital check-outs. Debit cards have also been tested in various regions of the world by Visa and MasterCard.
Following their original idea in 2018, Mr. Grech and Mr. Voice developed the firm.
They went through the UTS start-ups center, which offered mentorship and face-to-face interactions with industry experts. Mr. Voice recalls Andrew and he would work around the clock. There were occasions when they would leave the start-up space so late that there was no purpose in coming home. Mr. Grech has since completed his double degree and works full-time at CryptoSpend, while Mr. Voice has shifted to part-time university to help run the company and is now in his final year.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.