Crypterium сard holders can add their cards to Apple Pay and immediately access all of the benefits it provides. It is expected that Crypterium users will be able to add up to 5 cards per user in the future.
For years, some people have claimed how cryptocurrencies will replace traditional finance. In recent times, it has become apparent that collaboration between both industries will be crucial. Crypterium has a partnership with Visa, and is now looking to do the same with Apple Pay.
Crypterium Raises the Bar
Positioning itself as a one-stop solution for all digital currency and banking needs, Crypterium has set an ambitious goal for itself. Not only is the firm exploring payment card services, but also wallet and bank transfer opportunities. Combining all of these aspects is what has the potential to make Crypterium a true “crypto bank” in the years to come.
On the payment card front, the company has made significant strides recently. Being able to issue a global Bitcoin card and accompanying mobile app is crucial. The cards are supported in 178 countries and can be used at over 50 million retailers, either online, offline, or both.
To make this card competitive, the limits are unprecedented. Users can spend up to €10,000/mo and withdraw up to €2,500/mo. The card can be achieved free of charge and has a minor monthly fee. This fee is returned as a cashback if users actively fund their card, however, making it essentially free for the vast majority of users.
Peeking Behind the Scenes
Despite numerous other companies issuing crypto debit cards in the past, they were often reliant on one and the same “partner”. When that partner lost its license to issue Visa debit cards due to its cryptocurrency involvement, a significant void was waiting to be filled. Crypterium has taken an entirely different approach to building out its card ecosystem.
It all begins with Crypterium CEO Steven Parker. He is a former general manager of Central and Eastern Europe for Visa. As such, he not only has the necessary expertise, but also knows which regions can benefit from more competitive solutions.
In a recent interview with Forbes, Parker confirms cryptocurrency and traditional finance need to work together. More specifically, he acknowledges how the infrastructure of Visa and MasterCard cannot be replicated all that easily. Instead, it is better to actively collaborate on new ventures, rather than trying to build something that won’t reach mass adoption.
Following an in-house study, Crypterium received confirmation of how issuing a payment card would be beneficial. The survey shows a threefold increase in monthly turnover. As such, the Visa card has been an important first step in the right direction. Making this product more viable and competitive is the next order of business.
Apple Pay Partnership
One way of continuing the success of Crypterium is by forging strong partnerships with technology giants. Apple Pay is a very versatile and popular payment method. Having this product support Crypterium’s debit card is a major boon for the UK startup.
For new users, this means they can choose between a digital and virtual card, or simply get both. Obtaining a virtual card if a plastic one is ordered can be done through a 3D passcode without KYC requirement. This verification procedure only applies to first-time customers.
Crypterium users can obtain the virtual Visa card free of charge. Similar to the physical product, it can be loaded with a more than decent amount. Current limits sit at €5000 daily. They also come with the same tariffs and limits other than cash withdrawals.
Steven Parker, former General Manager at Visa and current Chief Executive Officer at Crypterium, states:
“Our world is always changing, first from paper bills to plastic cards. Now from plastic cards to virtual cards. That’s why the Crypterium team worked on making the option for users to integrate their virtual card with Apple Pay a reality. Why wait for a plastic card, when you can get a virtual one instantly? At Crypterium, we believe that digital technology is the future”
Card holders can add their card to Apple Pay and immediately access all of the benefits it provides. This includes pay-by-tap through iOS smart devices at supporting retailers. In terms of online shopping, the virtual card is recognized globally and can be used for any type of payment or subscription.
It is expected that Crypterium users will be able to add up to 5 cards per user in the future. Integrating the virtual card through Crypterium’s mobile app – for Apple Pay purposes – will be enabled in the future. A similar feature is coming for integrating the virtual card with Google Pay.
Cryptocurrency investor, journalist, analyst, and growth hacker. I cover crypto, blockchain, crowdfunding, and education.