On June 11, 2020, cryptocurrency payment services provider Bitpay unveiled a new prepaid Mastercard that enables users to convert and spend digital assets at any merchant accepting Mastercard. The Atlanta-based company described the card as the first Mastercard prepaid product in the U.S. market tailored for the blockchain community. Users can load a variety of cryptocurrencies and instantly convert them into fiat currency for everyday purchases.
Existing Visa Card Service to Be Discontinued
Bitpay also announced that its longstanding prepaid Visa card program will be terminated on 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 firm stated. The last day to load funds—including converting crypto to fiat—onto the Visa card is July 31, 2020. Users are advised to redirect any recurring bank deposits or payroll before that date.
New Features and Supported Assets
The new Bitpay Mastercard supports loading of Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), as well as stablecoins USDC, GUSD, PAX, and BUSD. Cardholders can use the card for in-store purchases, online shopping, and ATM withdrawals. Funds become available after one blockchain confirmation. The card is equipped with an EMV chip for enhanced security and supports contactless payments. A companion app allows users to track and manage their spending in real time.
Stephen Pair, co-founder and CEO of Bitpay, commented: “The Bitpay Card offers new benefits and features for consumers making it easier to convert Bitcoin and other cryptocurrencies 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.”
Mastercard Partnership
Sherri Haymond, Executive Vice President of 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.” The card is issued in the United States and is valid in all 50 states. Applicants must be at least 18 years old and pass identity and residency verification.
With the new Mastercard, Bitpay aims to bridge the gap between crypto and traditional finance, providing a seamless payment experience for both crypto enthusiasts and merchants. The termination of the Visa card program also signals a strategic shift towards a broader partnership with Mastercard.