BitPay Joins Hands With Mastercard for a Prepaid Crypto Debit Card

Bitcoin payment processor BitPay has recently joined hands with payments processing giant Mastercard to launch a prepaid cryptocurrency debit card for the U.S. users. This prepaid BitPay Mastercard can be instantly loaded with USD by liquidating Bitcoin and other cryptocurrencies.

This card will then work like any other Mastercard debit card and shall be used at millions of locations across the world. Besides, customers can also use this BitPay Mastercard to use cash from ATMs as well as other online purchases.

The BitPay Mastercard offers users a secure and faster way to convert their cryptocurrencies into fiat without charging any king of transaction fees. The card also comes with an EVM chip that provides contactless payments and added security. Besides, users can also get access to the virtual card from the BitPay app.

The BitPay Card currently supports public cryptocurrencies like BTC, BCH, ETH, XRP along with other stablecoins like USDC, GUSD, PAX and BUSD.

Stephen Pair, co-founder and CEO of BitPay, said: “The BitPay Card offers new benefits and features for consumers making it easier to convert Bitcoin and other cryptocurrency into a spendable balance without currency risk. We are excited to work with Mastercard to expand crypto’s use, while making it easy for businesses to attract new customers who want to spend Bitcoin and offer more places for customers with Bitcoin to shop.”

To use the BitPay card, users need to have the BitPay mobile app using which they can instantly top-up their card, view the balance and transaction history, request a PIN, as well as manage card settings on the go.

This partnership will help more users in the U.S. to spend their cryptocurrencies for daily purchases. Earlier in 2016, BitPay had joined hands with Visa for the prepaid crypto card. However, the company has now announced that all its Visa-backed card shall stop working from December 31, 2020.

BitPay is the first blockchain payment processor and a non-exchange to have secured license from the New York State Department of Financial Services (NYDFS) in July 2018 which allows them to facilitate payments in Bitcoin between merchants and consumers.

Speaking on this partnership, Sherri Haymond, executive vice president, Digital Partnerships at Mastercard, said: “At Mastercard, we’re committed to offering differentiated financial services to consumers on a global scale. We’re excited to be working with BitPay to offer consumers greater choice and flexibility when it comes to managing their finances.”