On June 11, 2020, cryptocurrency payment services provider Bitpay announced the launch of a new prepaid Mastercard that allows users to load a variety of digital assets and spend them anywhere Mastercard is accepted. The card enables instant conversion of cryptocurrencies into fiat currency, marking the first Mastercard prepaid card in the U.S. market specifically designed for the blockchain community.
Transition from Visa to Mastercard
Bitpay also confirmed that its existing Visa prepaid card services will end on December 31, 2020. This means all Bitpay prepaid Visa cards will expire and stop working on that date, regardless of the printed expiration date. The last day to load funds—including converting cryptocurrency to fiat—will be July 31, 2020. Bitpay advises users to redirect any recurring bank deposits, such as payroll, before this date.
Supported Assets and Features
Similar to the previous Visa card, the new Mastercard supports loading Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), XRP, and several stablecoins including USDC, GUSD, PAX, and BUSD. Users can also use the card online for purchases and withdraw cash from ATMs. The card is equipped with an EMV chip for enhanced security and contactless payments. Loaded funds become available after one blockchain network confirmation, and the card includes spending tracking and management tools.
Industry Reactions and Future Outlook
Bitpay co-founder and CEO Stephen Pair stated: "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." Sherri Haymond, Executive Vice President of Digital Partnerships at Mastercard, added: "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 prepaid Mastercard is currently issued in all 50 U.S. states. Applicants must be at least 18 years old and successfully complete identity and residency verification.