BitPay has launched new prepaid cards that can be funded with cryptocurrencies.
These are the so-called BitPay Cards, i.e. MasterCard prepaid debit cards for the US market, which can be filled with dollars by converting cryptocurrencies.
The top-ups are instantaneous, without conversion fees, and with a daily limit of $10,000.
These cards also have other features, such as the EMV chip for contactless payments, the possibility to be blocked, the ability to monitor spending and the virtual version.
The BitPay wallet where the cryptocurrencies are stored is non-custodial and allows converting them into dollars directly in-app.
Once converted, they can be moved to the prepaid MasterCard for use almost anywhere in the world.
It is also possible to use the card to withdraw cash from ATMs, with a commission of $2.50 and a maximum limit of $2,000 per withdrawal, plus a 3% commission on any foreign currency exchange.
BitPay also offers an extension for Google Chrome that allows making payments in fiat currency on some websites, such as Amazon or Foot Locker, using the cryptocurrencies stored in the wallet.
BitPay supports BTC, BCH, ETH, XRP and stablecoins such as GUSD, USDC, PAX and BUSD.
Since cryptocurrencies are not yet very commonly accepted as a means of payment worldwide, it is often necessary to convert them into fiat currency before spending them freely anywhere.
This means having to use a system that allows the instant sale of the same in exchange for fiat currency, the cashing of the fiat currency, and the deposit of the same on traditional tools used for payments, such as prepaid cards.
Being able to perform these steps using a single app is quite an advantage.