Hello!
Crydit unveils a debit card with a familiar look but backed with the value of the blockchain–and the merchants won’t even know.
We all know the real reason crypto is still such a niche asset: Merchants don’t accept it, at least not at scale. But what if they don’t know that’s what the consumer is paying with? What if, as far as the seller is concerned, they receive payment in their preferred currency? They’re not likely to care that up until the crypto wallet tap, the value was denominated in bitcoin, ether or some more obscure coin.
That’s the part that Crydit figured out.
Blockchain-based payment processor Crydit recently announced the launch of its first-of-a-kind Unlimited Crypto Card application. This could revolutionize the crypto payment industry by providing digital currency holders a free, secure, convenient payment experience.
There’s a reason why “Unlimited” is part of the branding: It has no minimum and no maximum spend limit. Card users can buy anything from a cup of coffee to, according to Crydit, a Lamborghini. And because it can be spent at any website or any brick-and-mortar store anywhere that accepts debit Mastercard, you can use it to pay for online subscriptions, late-night corner store milk runs and posh, High Street shopping sprees.
Having Crydit’s card is the same as having an account in a European bank but compared to all the offline processes the bank requires, you can simply activate the card after passing the Know Your Client verification. Then, when you spend via your card’s digital wallet app, the merchant’s till will accept the transfer of value in its own preferred currency.
Crydit ensures the best exchange rates available net of banking fees, based on European Central Bank’s public rate. This provides users full visibility into their transaction expenses.
Using the card alone, you can make payments at any merchant accepting Mastercard, which Crydit is partnering with.
Incidentally, you don’t have to pay directly with the card app. You can link your Crydit account with digital payment platforms such as Venmo, GooglePay or PayPal.
In either case, the merchant doesn’t have to do anything – or even be aware that the debit came from a crypto wallet. Crydit’s fee, by the way, is a modest 1.5% of each transaction–much less than one experiences with conventional charge cards. There is neither an annual fee nor any other hidden fees.
“Our advantage compared to all payment platforms is the ability to pay with all cryptocurrency without any hidden fees, so that we are not simply competing with traditional financial payment products,” said a Crydit spokesperson.
Crydit has prioritized security and regulatory compliance, partnering with such fund custodians as COBO and CEFFU to safeguard user funds. Users can have an independent on-chain address and view their on-chain asset balances anytime. Further, Crydit participates in the Money Service Operator(MSO) program and holds the Virtual Asset Service Provider (VASP) license in Europe.
“Additionally, Crydit's partnerships and regulatory compliance set us apart in the market,” the spokesperson continued, “ensuring a secure and reliable payment experience for users and merchants.”
Crydit is the only crypto company that has obtained a European Virtual Asset Service Provider, demonstrating its commitment to regulatory compliance and user protection. Partnered with such industry leaders as Mastercard and Danske Bank to ensure the reliability of Crydit’s services.
“As we continue to develop our services, Crydit remains dedicated to crypto payment services that uphold the highest standards of security, compliance and user satisfaction,” the spokesperson said.
For more information about Crydit and its Unlimited Crypto Card, visit www.crydit.com. You can follow @CryditCard and @CryditPay on X, formerly Twitter or on the CryditOfficial subreddit on Reddit.
Source: coindesk.com