Visa allowed startups to issue debit cards make headlines. The reports have claimed that Visa Payment Company approved the issuance of digital debit cards to a new startup. An agreement is signed between Australian Startup CryptoSpend and global payment giant Visa. Every Cryptospend app user can now use Visa-powered debit cards to directly buy and sell digital coins. The users will also be able to use bitcoin and other supported legal coins at retail stores by using the visa digital debit cards. Rather than converting crypto to fiat, the Cryptospend users can make direct sales and purchases.
The company’s Co-founder Andrew Grech said that the company is looking forward to revolutionizing the country’s digital market. CryptoSpend’s card will also offer other benefits to the people using these cards. Users can buy anything from cinema tickets to tech gadgets. The cards will be issued in the coming September. From now on, Novatti, an Australian company will issue these cards to the public. However, the guardianship will remain to a New York-licensed company named BitGo.
The users of these cards can use the supported cryptocurrencies such as bitcoin, ether, XRP, bitcoin cash, and Litecoin to pay their daily bills as well. The app’s customized wallet can store bitcoins. Andrew Grech the co-founder said that the company’s target audience varies from 18 to 70 years old. They have different needs and uses. As more and more people are joining crypto trading, our vision is to make crypto transfers easy for our customers. This story attracted far greater interest from Australia’s economic market. Andrew Grech said that this agreement with Visa card is a game-changer in the industry.
The reports further claimed that CryptoSpend is holding regular talks with other crypto exchanges to launch the same card service to other markets than Australia. The development of frequent and fluent payment methods will make life easy for many traders. Traders actively face difficulties and cursed the crypto transfer methods. It is a mandatory policy for all other exchanges to ask customers to convert digitals coins to fiat currency to make any purchase.
Over the past years, it is noted that international payment method regulatory companies Master and Visa card actively interacted with crypto exchanges. Australian crypto community described it as a landmark decision that will change Australia’s crypto market culture in times to come.
Andrew Grech, The CryptoSpend’s CEO, said that the introduction of Visa Cards brings in transparency in financial matters. It will also protect people hard earn money against cyber or digital scams activities. A secure payment transfer will play an integral role in empowering the Australian market and Australian civil society in the coming years.