By
Bena Ilyas
May 6th, 2024
Most people have privacy and security concerns when it comes to making payments online. With the ZELF card, this becomes a no-issue.
Bank of the Metaverse, ZELF, has announced its new anonymous Visa debit card that can be funded with cryptocurrency.
Cardholders can open a US dollar checking account without needing any social security number and proof of address. According to the company, prospective clients can open a checking account with their name, email, and phone number. Within 30 seconds, these clients can get an anonymous virtual debit card that works with Apple and Google Pay.
The cards will be accepted in over 150 countries and over 80 million locations worldwide. Cardholders can fund their cards using traditional electronic payment, ACH and wire transfers, and crypto payments.
For now, users can deposit funds into their checking accounts and debit cards using USDC, Tether, and Ether. By the end of the year, the company will add support for about 20 more tokens. Consequently, ZELF presents an interesting opportunity for those who want to use their cryptocurrency holdings while remaining anonymous.
Visa Driving Crypto Payment Adoption
Despite the market volatility, there’s been steady growth in the adoption of crypto payments. A report by Spherical insights and Consulting suggests the Global cryptocurrency payment apps market size will grow from $545.4 million in 2021 to $2.17 billion in 2030.
Visa has been integral to the growth in crypto payment adoption. The payments firm has previously partnered with JPMorgan to create a blockchain payment gateway. Recently, it partnered with Blockchain.com to offer a debit card that allows users to earn 1% on all purchases back in crypto.
ZELF Card Offered in Collaboration with Visa Will Promote Privacy
Most people have privacy and security concerns when it comes to making payments online. With the ZELF card, this becomes a no-issue even while transacting with cryptocurrencies.
Since its establishment, ZELF has attracted a million users. The company hopes to hit five million by the end of 2023 by constantly striving for innovative banking products that serve customers. Its latest service will reduce the client onboarding process from days to seconds. It will also reduce the Customer Acquisition Cost by at least 600 compared to most traditional banks.
Elliot Goykhman, Founder and CEO of ZELF, noted that delaying verification until certain thresholds will attract the unbanked who can’t pass verification tests at traditional banks. This will increase financial inclusion and will attract the unbanked population.