BitPay introduces crypto compatible Mastercard

BitPay launches the first Mastercard geared towards crypto users, which can be loaded using cryptocurrencies

BitPay has introduced the first MasterCard geared towards cryptocurrency users. Dubbed as the BitPay Card. it is a prepaid Mastercard available in the US.

Users can load their BitPay card with a range of cryptocurrencies, which are automatically converted into fiat currency. It can be used anywhere in the world where Mastercard debit is accepted; however, it can only be used for withdrawals from ATMS and for online purchases.

BitPay CEO and co-founder, Stephen Pair, said there are “multiple new benefits and feature for consumers that make 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.”

Aside from the fast and convenient conversion of cryptocurrencies to fiat currency, the BitPayCard offers other advantages to its users. For instance, users do not have to pay a conversion fee when they convert their tokens into cash. They are assured that the entire converted value will be loaded onto the prepaid card.

The second advantage is increased security, as the card is built with an EMV chip for an extra layer of protection, as well as being equipped for contactless payments. The BitPay mobile app, which is required for making reloads, can be used by users to quickly track their transactions and remain updated on the amounts being charged to their card.

Users can use a variety of cryptocurrencies such as BTC, BCH, XRP, ETH, as well as stable coins like USDC, GUSD, PAX, and BUSD to reload the prepaid card — with the currencies converted very quickly to fiat for use.

In other news, BitPay announced that its flagship Visa prepaid card will no longer be available by the end of this year, December 31, 2020.

“This program termination means that all Bitpay prepaid Visa cards will expire and stop working on December 31, 2020, regardless of the expiration date printed on your card.” the company announced.

BitPay will also stop accepting requests to reload the Visa card before its termination. July 31, 2020 will be “the last day you will be able to load funds to your card including converting cryptocurrency to fiat for use.”