BitPay Partners Mastercard To Launch BitPay Card

By RTTNews Staff Writer | Published: 6/15/2020 10:23 AM ET

Bitcoin Payment Processor BitPay has teamed up with Mastercard to launch the first ever US prepaid Mastercard called 'BitPay Card' for crypto users in the U.S. that can be loaded with dollars that are converted instantly by liquidating cryptocurrencies such as Bitcoin.

The card can be used at millions of locations around the world wherever Mastercard debit card is accepted. Customers can also use their cards online for purchases and to withdraw cash from ATMs.

The BitPay Card offers a safe, smart, and fast way to convert crypto to fiat currency without conversion fees. The card features an EMV chip that provides added security and is contactless-enabled for payments. It can also act as a virtual card in the BitPay app. The BitPay Card supports BTC, BCH, ETH, XRP and stable coins USDC, GUSD, PAX and BUSD.

The BitPay Card requires the BitPay mobile app and can empower cardholders to top-up their card instantly, view your balance, request a new PIN, view transaction history and manage card settings on the go. The BitPay App not only tracks and manages card spend, but also allows you to purchase crypto and gift cards from popular brands.

This card is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Mastercard International Inc.

This partnership is expected to expand crypto's use, while also making it easy for businesses to attract new customers who want to spend Bitcoin and shop.

Previously, BitPay had partnered Visa in May 2016 to launch the BitPay Prepaid Visa Card, which is a similar card and is still in use. BitPay has reportedly announced that all Bitpay prepaid Visa cards will expire and stop working on December 31, 2020, regardless of the expiration date printed on your card.

BitPay supports settlement in 8 currencies in 240 countries and direct bank deposit in 38 countries. It was granted BitLicense, the license of virtual currency activities, by the NYDFS in July 2018 to facilitate payment in Bitcoin between merchants and consumers in the State of New York.

BitPay is the first blockchain payment processor and the first non-exchange to secure a virtual currency license from the New York State Department of Financial Services (NYDFS).

In February, US-based cryptocurrency exchange Coinbase partnered Visa to issue Visa debit cards known as "Coinbase Card" directly, without depending on third-party issuers. The card enables customers to spend their crypto balances direct from their Coinbase account. Coinbase then enabled the usage of Coinbase Card through Google Pay on android devices to be operated as a contactless card.

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe