Bitcoin adoption is also advancing Down Under. A000 FinTech cooperates with Visa for a crypto card there.
Paying with Bitcoin in the pub? Australians will have this option in the future. Thanks to a cooperation between the credit card giant Visa and the local fintech CrytpoSpend.
The Australian Financial Review reported on July 14 that the two companies had agreed on a so-called “Zero Balance Card”. This prepaid card would allow users to pay with bitcoin at any location connected to Visa’s payment infrastructure. No fiat money is loaded onto the card; the balance is determined directly by the value of the cryptocurrencies in the associated wallet.
In addition to Bitcoin, the card also supports Ethereum, Ripple and Bitcoin Cash. The features are expected to be available in September. Australia’s Novatti Group is handling the issuance of the card. An official announcement from Visa is expected to follow in the coming days.
Bitcoin cards in trend
Andrew Grech of CryptoSpend is convinced that the new Bitcoin card will attract interest from many investors. The card offers Australians a way to cash out their Bitcoin winnings instead of selling the cryptocurrency, he said:
‘We have a lot of demand for the card. If the market is green, someone might decide to spend some of the profits. On the other hand other person say that it will continue to rise and accordingly keep the coins. Generally, we have seen more spending volume when the price has gone up.
Andrew Grech of CryptoSpend
Figures from Visa confirm that crypto cards are on the rise. The company recently announced that more than $1 billion in revenue flowed through such plastic in the first half of 2021. As a result, the card giant is steadily expanding its involvement in the bitcoin world.