CryptoSpend Issues Debit Card For Spending Bitcoin
The Australian Financial Review reported Wednesday (July 14) that Australians will soon be able to spend crypto via existing brick-and-mortar point-of-sales with the issuance of a new physical debit card.
Global payments giant Visa has approved local Australian startup CryptoSpend to begin issuing debit cards for the startup’s users. Those using the CryptoSpend app can then pay using bitcoin and other supported crypto at retail stores and hospitality venues with the debit cards.
Instead of needing to convert from crypto to fiat currency, users of CryptoSpend’s app can make direct purchases in crypto.
CryptoSpend’s app allows users to spend their crypto, pay out to their account, and pay bills with supported cryptos. This includes bitcoin, ether, XRP, bitcoin cash and litecoin.
The app also has its own wallet on which users can hold their coins.
According to Visa, more than US$1 billion was spent on crypto-linked Visa cards in 1H 2021. Visa has partnered with 50 of the leading crupto platforms to launch card programmes that make it easy to covert and spend cryptocurrencies.