Blockchain Loyalty News | Max’s Month In Review | Payments

Blockchain Loyalty News | Max’s Month In Review | Payments


– Today, I want to talk
about three companies that have a payment card product, which allows traders to spend cryptocurrency at point of sale. An Australian crypto
exchange called CoinJar, has a product called CoinJar Swipe. This payment card runs on EFTPOS rails, allowing traders to spend
their crypto at any retailer, which accepts EFTPOS. The card has to be loaded
from CoinJar exchange account and also has an automatic top-up feature. Traders can also quickly
convert their crypto into cash by withdrawing through any ATM. This product is currently
available in Australia only. TenX is a Visa card and is available to customers in Singapore, Australia, and New Zealand. They currently support
bitcoin, Ether, and Litecoin, but are working on
expanding their options. Unlike the CoinJar Swipe proposition, this works like a debit card, meaning that traders can
spend their crypto worldwide. At point of sale, the
selected crypto is instantly converted into the country’s currency and the retailer is paid in fiat. Wirex, which is a company out of the U.K. has gained the most
traction in this space, positioning themselves as the
borderless payment platform across both cryptocurrency and fiat. Their product, which is also a Visa card, currently supports up to 18 different crypto or fiat currencies. They’ve also introduced
a cash-back program that rewards customers with Bitcoin 0.5% back on any purchases. This isn’t overly generous,
but it does allow consumers to earn a steady stream of crytpocurrency simply by transacting with retailers. Wirex have also announced
that they’re collaborating with a number of trading
desks to potentially allow their traders to exchange
crypto at the most competitive rates on the market, which
is something that has typically only been available to large, institutional investors. I think Wirex have a
very strong proposition and are definitely going places. In summary, all three companies support that back-end, realtime conversion to allow seamless crypto spending. With Wirex and TenX however, consumers are able to save on hefty international exchange
fees when travelling because currency
conversion isn’t required. It’s also great to see collaboration between players in the
crypto space and Visa, because this convergence
of unlikely partners shows that coexistence isn’t only possible but it’s also very
compelling for consumers. To read more, head to
blockchainloayalty.io the global resource centre for all things blockchain loyalty.

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